Benefits Realization Solutions
Under constant pressure to improve customer service and meet demand, organisations use Return on Investment or (ROI) to prioritise funding of new projects.
A narrow focus on financial returns means calculating ROI is imprecise. As a result, project selection skews away from balanced consideration of the greater good.
Our team at PRISM, people use Benefits Realisation Management to help organisations rethink ROI assumptions; as technology and process specialists, our expertise leads to accurate understanding and valuation on ‘intangibles’ and qualitative criteria.
Challenges in Benefits Realisation
Most organisations find benefits realisation challenging as it touches on a wide spectrum of the organisation’s activities related to their investment in program and project initiatives. The idea used to be that if we completed a sound business case the benefits will automatically flow once the project was finished. This myth has been demolished many years ago and we know it is a more significant exercise to ensure that benefits are achieved.
While projects are useful in delivering agreed results or capabilities, they are less likely to deliver planned business outcomes which requires a different and more strategic focus more appropriate to a program management approach.
Our clients bank the benefits for consistent capture through practices proven many times to:
- Interview stakeholders for clear expectations in the prevailing investment climate
- Develop artefacts to show the benefits trail to multi-criteria for acceptable ROI
- Adopt a governance model to relate benefits to organisational outcomes
- Execute processes and accountabilities aligned to the operating model and key people
- Make success visible in real-time tracking dashboard reports and meet escalation priorities
Based on this well trusted approach, our consultants have delivered various aspects of Benefits Realisation for various clients
Benefits from our Approach
Project owners gain highly relevant control of benefits realisation through our trusted approach on Business Realisation built on standard processes, KPI’s and input data. Measurable owner expectations assist practitioners who deliver the project to drill down and align operating data sets with the intended business outcome. The result is consistency and common purpose through specific accountabilities and measurement nuanced to stakeholder industry objectives and competitive context.
Outcomes ultimately provide the benefits or business value when coupled with the necessary organisational change, and this also need to be closely monitored.
Our team at PCS are experienced in implementing benefits realisation and shall deliver necessary tools to achieve desired outcome that includes that business cases, benefits registers and processes. We also understand that while it is necessary to have these tools however only tools and processes will not be sufficient will deliver desired outcomes. As we also know from our experience from PMO implementation that unless benefits realisation must have top-level commitment in the organisation to deliver effective outcomes.
We’ve grown to accept ‘today’s solution will be surpassed by rapid technology change tomorrow’. PCS is unique in considering the benefits and risks of potential new solutions as they emerge within an agile frame. Our clients gain from technology agnostic benefits realisation with the result ‘closed loop’ reporting aligned to and trusted by stakeholders from project inception to delivery.
We are happy to meet your executive team and provide an initial briefing so that you can better assess whether you are ready at this stage to proceed with a serious benefits realisation implementation program.