Benefit Realization Management
Closing the gap between strategy and practical realization is not easy. In order to do so, organizations first need a deep understanding of the potential benefits related to their projects.
Experience shows that defining, tracking and allocating business benefits can be tricky. Many organizations struggle with selecting the right projects to realize their targeted benefits. Furthermore, it is not always clear what projects relate to which benefits.
A five-step approach
Benefit realization management (sometimes also called strategic portfolio management) is an effective way to bring structure, accountability and clarity to the definition and delivery of your projects’ benefits in a strategic context. At Threon, we consider this an iterative process consisting of five phases.
- Benefit identification (= benefit mapping): we help you to translate your organization’s strategic goals into programs and projects. And vice versa, link the current projects to your strategy. We use benefits to make this connection between strategy and execution.
- Benefit planning (= portfolio selection & long term capacity planning): we help you to select the optimal mix of projects within your portfolio, considering the priorities but also the limitations of the organization (E.g. human resources, budget, dependencies).
- Benefit realization: we help you to initiate, execute and close your projects and programs.
- Benefit evaluation: we keep track of the overall portfolio performance. That means we verify which projects and programs actually lead to the expected benefits. In case of gaps, we propose measures to narrow them.
- Potential check: finally, we check whether new benefits can be added, or if the original benefits can be elevated.
Our benefit realization management approach is carried out by experienced consultants who support you from start to finish.
You can count on these outcomes:
- a comprehensive benefits register
- a balanced portfolio of projects in line with strategic priorities
- A clear view of the project and program priorities, usable as reference during resource allocation and other discussions and for communication to the rest of the organization
- A structured approach on how to follow-up and evaluate your portfolio