The article title is a common question asked in the business world.
Larger companies might not struggle as much with the answer because of their more extensive resources. But for small- to medium-sized companies, getting the answer right is of paramount importance because of the demand on more limited resources.
I advise my clients to start by doing a SWOT (Strength, Weaknesses, Opportunities, Threats) analysis.
This valuable insight can help you initially prioritize among competing initiatives. You can undertake a SWOT analysis before building a detailed business case for an initiative. And it has the advantage of providing information that can later be used in the construction of the business case.
Here are example questions you can ask to build the SWOT analysis: