Who realises the benefits – and who acts on the consequences?
Do you know how to best ensure that benefits are realised, both during and after your projects?
The work with benefits realisation begins already in the idea phase, before a project or initiative is formally initiated.
In a traditional project management approach, the benefits realisation process can be divided into three stages, which you can read about below.
The three stages - a traditional project management approach
Identify
To identify the potential benefits, the justification and purpose of the project or initiative must be clear. Once this foundation is in place, it becomes possible to identify the benefits, the changes required, and the deliverables necessary to achieve the desired outcome.
Each benefit should specify who will gain from it, how it will be measured, and when it makes sense to measure it. Each benefit must also be linked to the changes needed to realise it. Along the way, new opportunities for benefits may emerge that affect the business case, so it is important to continuously explore the project’s full area of impact.
It is essential to identify a benefit owner who is responsible for realising each benefit. A benefits realisation plan should also be developed at this stage.
Realise
The benefits realisation plan forms the basis for the realisation work. In this phase, it becomes clear whether roles and responsibilities are well defined, and whether stakeholders take ownership of their tasks.
Some benefits will be realised during the project, while others will be realised after the project has been completed. The plan must clearly show when and where each benefit will be realised. Throughout the phase, progress is monitored, assessed and measured to ensure that benefits meet their expected targets.
Sustain
Many types of benefits require ongoing maintenance, for example when they involve behavioural change. Change management is therefore essential to ensure that the benefits linked to lasting changes are achieved and become part of day-to-day operations.
Throughout the entire process, it is necessary to monitor, adjust and evaluate whether realisation is on track and still realistic. If it becomes clear that a benefit cannot be realised, and adjustments cannot be made to the project, the consequence should be to close the project – assuming it is still active and the unrealised benefits are long-term ones. In such cases, it is worth reviewing how the outlook for realisation evolved throughout the project.
This may indicate a need to adjust the project model, for example by introducing mandatory milestones where benefits realisation is assessed and evaluated.
The agile perspective
In an agile approach, the same points are important, but the relevance of, for example, a detailed benefits realisation plan depends on the degree of agility in the organisation. Most important is that everyone working on the project has a clear picture of which benefits are being prioritised, what the final goal is, and – crucially – who is responsible for realising and sustaining the benefits.
Practical tools to support benefits realisation
There are many ways to support and carry out the work with benefits realisation. The choice of tools depends largely on the organisation’s approach to project management, the nature of the project and the framework within which it must operate.
Benefit map for the entire project
A visual overview showing how each deliverable contributes to specific benefits. Ideally represented graphically, with elements connected by lines or arrows. The benefit map is dynamic and must be updated throughout the project.
Benefit descriptions
Each benefit is described in a structured format that clarifies what it is, who will gain from it, how it links to the overall strategy, when it is expected to be realised, how it will be measured, and who owns it.
Benefit overview
A concise overview of all benefits, including ownership. In an agile context, it can be useful to prioritise this list and integrate it into the Product Backlog.
Benefits realisation plan
A clear plan outlining how and when the benefits will be realised. It is dynamic and must be revised throughout (and after) the project. The plan can be built into the overall project plan.
Structured description of post-project implementation activities
These are activities that the receiving organisation commits to carry out after project completion to ensure that the specified benefits are achieved.For all tools, it is important that documentation is created as part of the project foundation, revisited regularly and used actively in decision-making.
Workshops create ownership and commitment
Our experience shows that the best way to work with benefit maps, descriptions and overviews is through workshops involving the right people.
Ideally, participants should work not only on identifying benefits and assigning ownership, but also on writing the documentation itself. Strong involvement in producing the core documentation creates ownership and commitment, and helps ensure that benefits realisation becomes an integrated part of both the project and the business.
It is the close and committed collaboration between the project owner, benefit owners and the project manager that ensures benefits are realised.
Want to know more?
Ready to take the next step?
We would love to hear from you if you would like to share your experiences and reflections – or if you need a fresh injection of momentum to create progress and value in your projects and initiatives.
