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This video explains 7 places to look for benefits on your projects. For those of you who would prefer to read a transcript, here it is:
Hello. I’m Elizabeth Harrin and today I’m going to show you seven places where you can look for benefits on your projects.
We often think of benefits as financial, but they don’t have to be.
For example, they could be a legal or policy requirement, something that is mandatory for your organisation. This type of benefit enables you to satisfy legal, compliance or other mandatory requirements that are essential to keep operating. This type of benefit makes the business case for your project stand by itself – you won’t need to look for any other types of benefits, but you can if you want to show that your project will provide some added value.
Quality of service benefits provide a better service to customers. This could be through a shorter turnaround time for queries or reducing customer complaints. Ideally, something quantifiable.
Some benefits help improve things like corporate decision making. These are internal improvements that won’t be felt outside the organisation but can streamline or support management processes.
Flexibility might not the first benefit you think of, and it is difficult to measure, but there are benefits to be had here. Flexibility benefits allow an organisation to respond well to change without incurring extra costs. An example project could be to introduce working from home.
Risk management should be done on every project, but it can also be one of the project’s benefits. Risk management benefits are those that help a company reduce its risk by being better prepared for the future. Depending on the project, these could also support a business case alone, even if the costs of doing the work are high. For example, redesigning your disaster recovery strategy might be an essential piece of work to mitigate business risk, even though you won’t get a financial return on the project.
Projects have an impact on people, and projects that improve staff morale or better motivate teams can possibly claim productivity benefits. They could also claim to reduce staff turnover, although think carefully about how you will measure benefits like this that are around people.
And finally, don’t forget the benefits that are driven by cost. Financial benefits can be through reducing costs while maintaining quality, or through delivering increased revenue, for example, through launching new products. You can also include financial benefits around keeping revenue the same but getting it faster, as these will have a financial impact on your profit and loss as well as on timescales.
We’ve looked at, benefits as a result of legal or policy requirements, quality benefits, internal improvements, people benefits, risk management benefits, flexibility benefits and financial benefits. I hope your projects see some of these in the future.
Thanks for listening!
Posted on: August 16, 2010 05:15 PM |
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