Add up the benefits
Why is it so important to calculate and communicate the benefits of your project?
- Be prepared: Boards, the Executive Team and auditors often ask, without warning, what return they have got from their investment.
- If an initiative, program or project is to genuinely succeed, the organisation needs to pursue a deliberate and active approach to realising benefits.
- The benefits realisation process involves not only tracking results, but identifying specific opportunities and pursuing them.
- The process also pinpoints any risks to your project’s expected outcomes, allowing you to monitor them and take pre-emptive action if needed.
- Giving a positive account of benefits realised can be a career enhancing move for those who are behind the initiative.
And of course, if benefits are managed well the first time, the next business case has a high probability of first time approval.
EM can help you to:
- Communicate what actions are needed to realise intended benefits
- Work out how staff have contributed in achieving outcomes
- Prepare strategies for actively minimising the risks identified
- Take corrective action when the expected benefits are not occurring
- Design metrics for monitoring the fulfilment of promised benefits
- Match costs with benefits to assess a net return
EM also offers training for Executives on Benefits Realisation.
Contact us to find out how EM can help you.