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 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: we analyze your organization’s strategies, internal and external influences and project drivers. Based on that information, we identify and qualify the benefits – revenue, cost reduction, cost avoidance, productivity, etc. – that you aim to achieve.
- Benefit planning: we build a balanced portfolio of projects and we set up the right framework to measure and report the outcomes of your projects.
- 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
- supporting material for your project managers
- a follow-up and evaluation of your portfolio