Portfolio and Benefit Management
Beyond projects, programs and the business case.
Businesses continually try to grow and improve, no matter what industry they are in. Whether strategy is to increase market share, retain competitiveness or meet compliance requirements, the change is often delivered by projects and programs.
In your business, project management, as a competency, has focused on improving the rate of successful delivery of the infrastructure, IT, process and organisational changes that enable change to be achieved. Program management looks to group projects that are delivering towards common outcomes and focuses more on benefits realisation. Hopefully, both project and programs are underpinned by a sound business case.
challenges faced by businesses
The challenge that a lot of businesses face is how to translate delivered projects and programs into business value when they complete. Commonly the concept of "benefit realisation" is discussed and many businesses struggle to put this in to practice.
The challenge is that only looking at benefits realisation means that some necessary steps have been missed. If there is inconsistent understanding on how benefits targets have been set and how they will be measured, the following can occur:
- disagreement on the validity of benefits being tracked
- differences between approaches for forecasting benefits and measuring actual benefits realised
- Projects are running to deliver “something” the business doesn’t need
- and/or inappropriate benefits being set or claimed for projects or programs in the first place.
At Benefit Management, our experience has shown that a holistic approach to benefit management needs to be taken and we have developed this through successful client application into our Benefits Lifecycle. Our skill is in being able to help you practically apply this to your business to maximise your chance of achieving your strategic goals.