Benefits Realization Management (BRM)
Many leading organizations, till date, don't pay enough attention to Benefits Realization Management (BRM). They may be great at completing projects but they often fail to integrate the successfully completed projects back into the business and realize their true potential. What is required thus is a shift from tactical aspects of the project (e.g. project schedules, budgets, etc) to the strategic aspects (e.g. demonstrating results, integrating the project with the business, ensuring that they deliver expected strategic impact).
Benefits Realization is a necessary tool for successful project management. It is the process of systematically measuring business outcomes of initiatives undertaken by an organization. BRM goes beyond the measurement
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iii) Sustain Benefits Realization: Ensure that successfully completed projects are embedded into organizational procedures and continually create value.
In order to adopt an effective and successful Benefits Realization program, respective authorities can consider incorporating the following practices:
i) The first step in BRM is setting up procedures for identifying the benefits projects are expected to deliver before they take off. As per PMI’s Pulse of the Profession Report, when organizations manage to identify benefits as part of a pre-project strategy, 74% of their projects meet the desired goals vis-a-vis 48% in organizations that fail to have a formal approach in place. It’s important to secure business co-ownership and the participation of all employees – from leadership to executives and project managers, so that everyone has a stake in the game. It helps make better decisions as to which projects to focus on and the approximate investment levels required. Seniors must be involved in selecting the benefit metrics. It has been suggested that one works closely with the finance department as well for their input and
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It’s time for organizations to recognize the advantages BRM brings with it. Well managed benefits help organizations realize their maximum possible RoI and drive organizational success. The Pulse Report states that enterprises that identify benefits right at the start are more likely to meet or more often even exceed their forecasted RoI. A formal approach to benefits Realization helps business leaders make better investment decisions, assists in setting realistic estimates and puts in place better methods of monitoring how well a project is progressing and how beneficial it really is to the
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