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Wave Success Center by McKinsey

Add Impacts to an Initiative

Impacts are quantitative financial improvements that are achieved as a result of implementing an initiative. Impacts are tied to financial metrics and also to an area of the business where the impact applies. Depending on the current stage of the initiative, impacts are entered into three series: Planned, Actual, and Forecast. Please note that the examples below may vary from your company's configuration of Wave, 

Step-by-Step Instructions

1. In the workspace, find and open your initiative and click on the Impacts tab in the options list on the left hand side of the box. Click on + ADD IMPACT to start adding an impact line.

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2. When a new impact has been opened, certain fields must be completed and will be indicated in red; these will vary based on your configuration. In the following example, the impact is assigned a Frequency & direction, Type of impact, and Impacted P&L by using the dropdown menus that appear in each column.

Once all of the required fields are completed for an impact line, click the orange Create button at the bottom of the card. The impact line will receive its own ID number and you will see the Version assigned as Plan, often referred to as Target. Wave will automatically set you up to enter the next impact line.

Enter as many impact lines are necessary to accurately reflect the complexity of your initiative in terms of frequency and direction of costs and benefits, as well as types of impact and P&L impacts. 

All recurring impacts are designated auto-fill by default; when you begin entering monthly impacts, a single entry will automatically be copied across the remaining months. All one-time impacts are designed manual by default; when you begin entering monthly impacts, you will need to fill in each month manually.

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3. When you have completed entry of you impact lines, click on the Cancel button at the bottom, and enter the estimated Annualized value(s), which will automatically save.

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Navigating the Impacts Tab

As your program progresses, you will updating your impacts tab regularly. Save time and more easily navigate to the fields you need to update with the split panel and options to jump to the current time period.

The split panel on the Impacts tab allows users to easily navigate the monthly (or quarterly or annual) impacts columns by dragging a divider across the space. As illustrated below, the vertical blue bar separates out two sections that can individually be scrolled. 

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To jump to the current time period - month, quarter, or year - indicate the time scale you wish to view and click on the text to the right as shown in the example below. An orange vertical line will always appear to the left of the current time period. 

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Read on to learn more about entering planned values to impacts.

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