Identifying quantifiable benefits begins with setting clear goals and objectives. Businesses must understand what they aim to achieve with any given project or initiative. Common methods to identify these benefits include:
1. Cost-Benefit Analysis: Evaluating the costs associated with a project against the expected financial gains. 2. Key Performance Indicators (KPIs): Establishing specific metrics to measure performance. 3. Return on Investment (ROI): Calculating the financial return relative to the investment made.