Benefit Realization Management

How to ensure the complete success of your programs and projects...

 

“However beautiful the strategy, you should occasionally look at the results” (Winston Churchill)

A few years ago, Benefit Realization Management was still seen as too advanced process for project teams and line management. The clarity on how to track benefits, the difficulty of allocating the benefit to a multiple of projects and the discussion on accountability were typical showstoppers. PMI’s recent in-depth report emphasizes on the need to “know your benefits before you start”, the realization of the benefits will determine ultimately the difference between success or failure.

Benefit realization management is an effective way to bring structure, accountability, clarity and discipline to the definition and delivery of benefits in business projects. It provides a framework to identify, measure and report added value, and should be driven by the organization’s strategic planning processes.

We support our clients by including the actions, responsibilities and the measures (per benefit) that will be used throughout the realization of planned benefits. Experience shows that organizations do not find this task easy, as businesses are not abundant in skills or track record in doing this in a formal way.

What are the things that typically have to improve most?

  • The staff involved must understand what a benefit in the specific business constitutes (versus general outcomes or target savings for example) and must comprehend what the difference is between benefits, objectives and their financial results.
  • Benefits should be defined in detail, structured in business cases and related to strategic business objectives, which is fundamental to success.
  • Accountability for individual benefits (following project delivery) must be defined and formalized.

How we can help you...

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5 steps towards full Benefit Realization

Threon summarizes Benefit realization management in a cyclical and iterative process, consisting of five general phases:

  1. Benefit Identification Analyze the available information about organizational and business strategies, internal and external influences, and project drivers to identify and qualify the benefits that an organization expects to realize. Focus is on the clear definition of the identified benefits.
  2. Benefit Planning Establish a benefits realization plan & baseline and develop benefit metrics and framework for monitoring & controlling both the projects and the measurement of benefits.
  3. Benefit Realization Initiate, perform, transition and close projects, manage the interdependencies between them and follow up the realization of the benefits.
  4. Benefit Evaluation Verify that the integration, transition, and closure of the benefit portfolio and its components meet or exceed the benefit realization criteria established to achieve the strategic objectives. If some of the anticipated benefits have not been realized this may be caused by gaps in the actions undertaken or unexpected resistance. Identification of these gaps and resistance enables the determination of corrective actions to reinforce the change objectives.
  5. Check Potential for New Benefits Verify if new benefits can be added to the benefits register, or if the original benefit values can be elevated.

Having achieved the new behaviors, processes, practices etc., it is very common for organizations to slip back to operating and behaving along the original familiar lines. Threon has eye for this pitfall and focuses on imbedding the benefit realization management processes in your organization.

“We reinforce your organization..."

Threon’s benefit realization management approach is supported by experienced consultants. We join forces with your organization to face several challenges such as:

  • The qualitative description and consolidation of identified benefits in a benefits register.
  • The identification of necessary projects to realize the benefits, schematically visualized in a benefit map.
  • The selection of projects to deliver, using portfolio selection techniques.
  • The follow-up of the program or portfolio planning, monitoring the benefit realization along the way.

“A reliable partner : over 15 years of leadership in Organizational Project Management"

With over 15 years of experience in consulting, training and products in Portfolio, Program and Project Management, Threon has developed a sound approach for benefit realization management. Choosing Threon as your partner, results in many benefits:

  • Our up-to-date method for benefit realization management is based on best practices and experience: the approach is complete, going from the definition of the benefits to the follow-up and evaluation of their realization.
  • Templates (benefit register, benefit map, etc.) have been developed, ensuring a rapid set-up of the benefit realization management process in your organization.
  • Experts are available to help you with the set-up of your benefit realization management in order to reveal the real benefits of your programs or portfolios.
  • Threon’s approach for benefit realization management is aligned with strategic portfolio management.

Request our Benefit Realization Management Fact Sheet!

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