Board Approves New Business Plan Initiatives Process
FastTrack is constantly improving its operational processes and increasing its services to its shareholders, clients and users. In that respect, our Board of Directors made an important decision in its Vancouver meeting last March: It adopted recommendations to strengthen the current process of approving projects, known as ‘Business Plan Initiatives’ (BPI). These recommendations are part of a set of actions to address the common threads of concerns with the aim of enhancing or enforcing our project process.
The BPI process includes the three following steps:
• Creation of the BPI;
• Appointment of BPI Sponsors;
• Ranking of the BPI’s in their requested development order.
In order to improve the overall value of the ‘BPI and Ranking Process’ and to increase societies’ commitment to integrate the projects into their daily operational processes, the following changes will be implemented:
To strengthen the BPI process:
• Each BPI requires a minimum of 1/3 (= four societies) of the FastTrack societies to act and commit as project sponsor/business experts to endorse the BPI initiation;
• BPI sponsoring societies stay committed during life-cycle of the project;
• Project Manager is selected among the BPI sponsoring societies;
• BPI sponsoring societies sign off on key project milestones.
To strengthen BPI Business Integration:
• 1/3 to 1/2 (minimum 4) FastTrack Societies commit internal budget/ resources/priorities for the business integration of the delivered product.
• BPI’s unable to secure this level of commitment should be deferred for future consideration.
To strengthen the BPI Ranking Process:
• An improved Project Ranking Formula is introduced, taking into account the following additional parameters:
- Society internal implementation Plan/ Priority;
- Society implementation resource availability;
- Society’s internal IT initiatives;
• Each year, the full list of proposed BPI’s will undergo the entire re-evaluation and ranking process.
As the BPI and Ranking Process is a joint effort of FastTrack and (non- FastTrack) CISAC societies, the adopted recommendations were presented to and adopted by CISAC. The renewed BPI Ranking Process is currently in place and FastTrack Management and the CISAC Secretariat will work out a joint methodology to include FastTrack and (non-FastTrack) CISAC societies in the set numbers of BPI Sponsors and Projects Integration Societies.
Chris van Houten
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