What is Benefits Realisation?
Benefits management is an approach to maximising business outcomes. Thinking beyond projects, programmes and portfolios. It is all about the ultimate outcome that investment will delivery, and how it is measured.
Benefits management is the identification, definition, planning, tracking and realisation of outcomes.
Benefits realisation is the practice of ensuring that outcomes are delivered and benefits are maximised.
Benefits management gives investments the greatest possibility of realising the benefits promised, while maintaining controls to avoid the loss of value.
For example, a manufacturing plant does not deliver just capability.
It delivers capacity, new products, product quality, increased speed to market and maybe access to new markets?
But the final business outcome is most likely net profit, market share and increased enterprise value.
So benefits management is about creating those linkages, managing the big picture while measuring the detail.
Treat every project as an investment case that ends, with an asset or capability.
Benefits exist through & beyond project life.
Governance & project management focused on Benefits delivery – not just about cost and time.