What is benefits realization and how can it improve program management?

1 Benefits realization framework

A benefits realization framework is a tool that helps you to plan, monitor, and evaluate the benefits of your program. It consists of four main elements: benefits identification, benefits mapping, benefits tracking, and benefits evaluation. Benefits identification is the process of defining the expected outcomes and benefits of your program, and how they relate to the needs and expectations of your stakeholders. Benefits mapping is the process of linking the benefits to the program activities, outputs, and outcomes, and showing how they contribute to the strategic goals of the organization. Benefits tracking is the process of collecting and analyzing data on the progress and performance of your program, and how it affects the benefits realization. Benefits evaluation is the process of assessing the actual and potential benefits of your program, and comparing them to the planned benefits and the costs.

3 Benefits realization management

Benefits realization management is the practice of applying the benefits realization framework and plan to your program management activities. It involves integrating benefits realization into your program governance, planning, execution, monitoring, and evaluation processes. Benefits realization management helps you to manage the expectations and interests of your stakeholders, and to adapt to changes and uncertainties in your program environment. It also helps you to identify and address any risks or issues that may affect your benefits realization, and to implement corrective actions or improvement opportunities.

5 Benefits realization skills

Benefits realization skills are the competencies that you need to successfully implement and manage benefits realization for your program. These include both technical and soft skills, such as benefits identification, mapping, tracking, evaluation, planning, management, review, communication, and leadership. To identify and prioritize the benefits of your program, you must align them with the needs and expectations of stakeholders and the organization's strategic goals. You must also create a logical map of the benefits and link them to activities, outputs, and outcomes. Benefits tracking requires collecting and analyzing data on program progress and performance, using indicators and targets to measure and report on benefits realization. Evaluating actual and potential benefits demands credible methods and tools. A comprehensive plan should be developed that is in sync with the program management plan. Benefits realization should be integrated into program management processes with a focus on governance, planning, execution, monitoring, and evaluation activities. Reviews should be conducted to improve the process and outcomes. Benefits realization communication should be persuasive and use various channels to inform stakeholders. Finally, leadership is necessary to motivate team members and foster a culture of benefits realization in the organization.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?