Content Comparison

Compile a comprehensive list of all potential product initiatives requiring evaluationinitiatives that could help achieve the goal.

Collect initiatives:

There should be a large number already in ‘new initiatives’ column in Jira.

Gather ideas from various sources, including but not limited to:

• Feedback from customer success

• Feedback from your own customer research

• Data-driven insights

• Market research

• Compliance initiatives

• CEO / executive management requirements

• Competitive analysis

• Team brainstorming sessions

Ensure inclusion of both short-term and long-term initiatives.

Document details:

For each initiative, provide a brief description, objectives, expected outcomes, and any supporting data or research. Note the problem it solves, the target audience, and how it aligns with customer and/or company strategic needs.

Focus on quantity:

At this stage, focus on quantity not quality of initiatives. This is to ensure that no valuable opportunities are overlooked. We will filter for quality in subsequent stages.

Evaluate each initiative using standardised criteria to enable objective comparison and ensure alignment with strategic goals.

Reach (R): The number of users/customers affected within a specific time frame

Impact (I): The degree of benefit each user/customer receives from the initiative

Confidence (C): The level of certainty in the estimates of reach and impact

Effort (E): The total amount of work required to complete the initiativeStrategic alignment (S): How well the initiative supports the company's and business unit's strategic objectives, including Moniepoint's North Star goal

Assign reach scores:

Estimate the number of users/customers impacted over a set period (e.g., per month or quarter). Use actual data if at all possible.

Assign impact scores:

Rate the benefit per user on a standardised scale:

• 3 (Massive impact): Significant positive change in user behaviour or satisfaction

• 2 (High impact): Notable improvement in user experience or key metrics

• 1 (Medium impact): Moderate enhancement to existing features or processes

• 0.5 (Low impact): Minor improvements with limited effect

• 0.25 (Minimal impact): Minimal noticeable change to users

Assign confidence scores:

Rate your certainty about reach and impact estimates:

• 100% (High confidence): Based on solid data and testing

• 80% (Medium confidence): Based on reliable but incomplete data

• 50% (Low confidence): Based on assumptions or limited information

Estimate effort:

Approximate the total work required in story points (for consistency with development methodology). Include all resources needed from discovery through to launch (engineering, design, QA, compliance, etc).

Score strategic alignment:

Rate alignment with strategic goals on a scale:

• 3 (High alignment): Directly supports key strategic objectives

• 2 (Moderate Medium alignment): Supports strategic objectives but not directly

• 1 (Low alignment): Indirectly supports or has minimal alignment

Calculate priority scores, rank initiatives accordingly, and perform a manual review to ensure practicality and alignment with business insightsKPI/s and goal.

Calculate priority scores:

Use the enhanced RICE formula incorporating strategic alignment:

Priority score = (Reach×Impact×Confidence×Strategic alignmentReach×Impact×Confidence) / Effort​

For each initiative, compute the priority score using the assigned values

Rank initiatives:

Sort the initiatives in descending order based on their priority scores.

Review dependencies:

Identify any initiatives that depend on the completion of others, and adjust the ranking to account for these dependencies.

Assess external factors:

Consider market trends, regulatory changes, or competitive pressures that might affect the priority. Modify rankings if certain initiatives have strategic urgency.

Align with strategic goals:

Ensure that the highest-ranked initiatives align with both business unit and company-wide strategic objectives. Re-prioritise if necessary to better support strategic alignment.