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Best Practices in BRM (Part 3): Justify Funding on Strategic Value
Michelle is a Benefits Realization Management specialist with a proven background in private and public sector end-to-end business project management. She has 17 years of financial sector experience spanning the banking, brokerage, exchange, regulation and buy side fields.
Continued from Part 1 and Part 2, this is the third of six articles on best practices in benefits realization management and its integration into project governance. In the BRM discipline, projects and programs are aligned with strategic objectives to generate verifiable value. This happens through three stages: benefits identification, benefits realization and benefits sustainment.
“The successful man is the average man, focused.”
— Unknown
Why
It’s easy to get entangled in a myriad of projects with limited, nebulous strategic value. This leaves teams overworked and disengaged, and keeps the organization from developing. Focusing all efforts on the few projects with the greatest strategic value can propel the business forward, and get teams engaged. And that’s a key component of BRM.
PMI actually found that BRM helps firms waste two-thirds less money on projects that don't deliver any real value. In the current climate, boards of directors, shareholders and regulators are pushing for ever-increasing accountability. Allocating funding on a standardized, objective basis serves as a strong confirmation of due diligence.
Also, in demonstrating that they’re indeed focusing on its stated priorities, the executive leadership team gains confidence, trust and engagement from their employees.
How
Once the strategic objectives, …
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