Organisations expect their investment in both current and new areas of work will generate benefits of some sort. These could be Financial, such as increased profit, or Non-Financial, such as increased staff engagement.
Without ongoing oversight and active management benefits often fail to materialize. Some estimates suggest the project benefit success rates are less than 5 percent. Strong Benefit Ownership and regular Benefit Reviews ensure benefits stay alive from their inception to the point at which they are realized.
The realisation of benefits to the stakeholders is the fundamental reason why each project is being undertaken. The business owner is accountable for determining the benefits that will result from each project.
All benefits are allocated a Benefit Owner. This is the person, generally a Business Owner or Manager, responsible for the realization of the benefit. This means they prepare the organisation to implement the new capability to then deliver business benefits.
To ensure things remain on track, benefits are reviewed from the start of the project, rather than when they may actually materialize. Measures can also be added to benefits to focus everyone on what is planned and what is actually happening.
Benefits will be delivered to the business subject to an Organisational Change Plan which outlines how and when the organisation will prepare to accept the benefits, and the behaviour changes that will need to take place.
Benefit information entered and managed in projects is immediately available to be viewed by teams involved in Programme, Portfolio, Group and Enterprise-level oversight and management.
Displaying information in these different contexts and to support higher-level decision-making and intervention encourages those entering source data to make sure it is accurate, timely and verifiable.
Benefit information is displayed in colorful, interesting ways, with the ability to drill-down to detailed information, as required.