All organisations face a constant challenge to do more with less. They need to accelerate the ways they improve their performance to meet growing expectations. Decision makers need to know that they are:
• Making the right choices
• Getting the most out of their investments
To improve organisations have to manage their benefits. They need to know where the benefits will come from and why they were chosen: the connection between their objectives and solutions. This means more than writing a business case. Cases have to be turned into reality. Unfortunately, this is how it's often done:
"There was no structured work undertaken on benefits beyond those identified in the business case, which was written some time before the actual implementation..."
"The amount of effort used in preparing a list of 101 benefits may have been better focused on identifying a small number of benefits to be tracked, allocating owners and ensuring that baseline measurements were taken." Hospital Benefit Realisation Review, May 06
Benefits Management provides a set of tools for knowing, developing and managing the organisation's business strategy, working with stakeholders to achieve the things they really want.
Keldale's view of Benefits Management
Benefits Management means maximising the benefits from business change. Benefits Management is the overall set of decisions, processes and activities that facilitates the optimal use of scarce resources to deliver appropriate benefits to identified stakeholders.
Benefits management is not a trivial administrative task. The benefits management methodology can be applied at different levels:
• Strategic – defining objectives, planning roadmaps
• Tactical – making best use of imposed solutions and situations
• Operational – continuous improvement of business processes
It is scaleable from an individual making personal decisions up to the determination and application of an organisation's policy and strategy.