Benefits are the measurable improvements that result from a change, they are the reason why organisations invest their time and their resources in delivering change initiatives. Typically, they can include increases in revenue, cost reduction, and meeting regulatory or legal requirements. Benefits Management therefore comprises the identification, quantification, analysis, planning, tracking and realisation of benefits that need to be addressed early in the life of a project.
The APM recently published new guidance to help organisations and individuals to progress through the benefits management framework in order to successfully realise the benefits from a programme of work. Perfect Circle has worked with a number of public and private sector clients to apply the whole lifecycle of the framework, using it to track progress across projects and programmes and as a means of understanding when and where interventions may be required to maintain trajectory towards financial or non-financial objectives.
The application of the processes, procedures and templates associated with this key discipline is still relatively new to some sectors, hence this guidance is a welcome resource.
Benefits management is a decision-making tool. It isn’t an end in itself. You use the skills of benefits management to define the problem, decide whether to approve a case for investment and decide on the best or most appropriate way to respond to each of the obstacles that arise whilst delivering the project