Best Practices in BRM (Part 5): Create Benefits Realization Strategies

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, Part 2, Part 3 and Part 4, this is the fifth 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.

“A goal without a plan is just a wish.”
– Antoine de Saint-Exupery

There’s little point in handing over deliverables when the recipients haven’t figured out what’s to be done to get the most out of them, who’s to do it or how to figure out if it’s working. Yet unfortunately, in a global Economist Intelligence Unit 2016 survey of more than 500 executives from diverse industries, just 36% of respondents stated that they assigned metrics to their project's expected benefits.[i]

Creating benefits realization strategies ensures there’s clarity around post-implementation roles and responsibilities. It also facilitates post-implementation performance monitoring and reporting processes. This process works best when those responsible for capturing baseline and performance measurements are included in confirming the metrics and strategies. They become eager to participate in capturing the measurements because they had a …

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"The golden rule is that there are no golden rules."

- George Bernard Shaw