Benefit

Formal

A myriad of benefits can be identified from proposals to improve businesses. Better customer loyalty, reduced costs, better service, more customer revenues are all quantifiable business ‘benefits’. Identifying the financial impact of these is critical to businesses in order to justify investment spend proposals.

Real-world Example

A vendor pitches new scheduling software, claiming it will 'improve efficiency.' The customer's finance team pushes back and asks for the benefit in hard numbers - it turns out to be 500 admin hours saved a year, worth $15,000 - a quantified benefit that can actually go into a business case.