All Rights Reserved. Benefits realisation Unfortunately, this is rarely the case.". By Burba, Donovan When a merger or acquisition deal is sealed, months of negotiations between executives end. Although in an ideal world, benefits realisation should be at the very heart of the change concept from the beginning, value can still be gained at later stages – during change delivery or even post-implementation, through realisation reporting. Benefits realisation plan. Each phase should start with the question, “What outcome do we want from this?” All activities should then be guided by that outcome. As departments and agencies strive to do more with less, they are increasingly turning to large change programs to gain organisational efficiencies and improve operational flexibility. Many programs fail to deliver the value required by mistakenly assigning responsibility for benefits realisation to only one of these parties, resulting in loss of a single focal point for the program and resulting in a failure to maximise value. To be effective, it needs to incorporate all three. During the delivery phase I like to think of benefits realisation as a lighthouse, guiding us toward our objective, a “safe port”. From describing and selecting the investment, through programme scoping and design, delivery of the programme to create the capability and execution of the business changes required to utilise that capability, and the operation and eventual retirement of the resulting assets. Constructing benefits maps or graphs is usually done from right to left, with what is attempting to be achieved (often called objectives, strategic outcomes etc.) Ground Floor being the start point, then moving through intermediate outcomes to the things required to cause these to happen at the very left. In some cases, the value proposition itself has been wrong – incorrect assumptions have been made about the current operating environment, resulting in wildly optimistic expectations of the benefits that change can bring. For all of the pain, there often seems to be little gain. Cranfield School of Management, Information Systems Research. Is it ever too late to implement a benefits realisation approach to change? the main beneficiaries) identify, plan and review the expected benefits from the change and project managers who deliver the reliable capability on time and within budget. It grew in the UK with the inclusion of BRM by the UK Government in their standardized approach to programmes, Managing Successful Programmes (MSP). , BRM practices aim to ensure the alignment between project outcomes and business strategies and has been shown to increase project success across different countries and industries.  The Project Management Institute (PMI) identified that only one in five organizations report high maturity in benefits realization. Data can then be captured either separately or within a suitable modelling tool for each outcome that will include the benefit measures used for each, ownership and accountability information and information to support realisation management. To be effective, it needs to incorporate all three. Kingston ACT 2604 But then the real work begins: integrating two organizations' systems, processes and cultures to … I believe effective benefits realisation is the key.  Finally, the last definition perceives benefits realization management as a set of processes structured to close the gap between strategy planning and execution by ensuring the implementation of the most valuable initiatives.