Benefits management

Projects often fail to deliver all the expected benefits they set out to achieve. This can be solved by integrating benefits management into your project management process.

Benefits management helps organisations identify potential benefits, track them throughout delivery and make the right decisions to ensure they are realised.

Pathfinder have a long track record helping clients to have effective benefits management. Our team can look from the outside inwards and provide unbiased, focused assessments.

 

We always find ways to work with teams to redefine the process and set it in motion with the strategy infused into all project related expenditures across the organisation. This ensures projects align with overall strategic goals of the business. We find the teams and sponsors we work with benefit greatly from this experience. Project portfolios perform better from a financial perspective and result in a better return on investment (ROI).

 

Our experience across complex industries and in portfolios valuing from €10M to €100M has given us a unique insight into how to quickly cut through these challenges and get portfolios into delivery mode in rapid time. If you can relate to these issues and want to quickly ensure your portfolios are delivering the benefits you require, please reach out to us. We make change happen.

 

 

Companies can have difficulty managing benefits for a number of reasons including:

  • Not having the right capabilities to understand or manage benefits.
  • Confusion between outcomes and benefits.
  • Benefits in place are not standardised, comparable or verifiable.
  • Poor governance practices and techniques around managing benefits.
  • Lack of accountability or accountability for benefits is misplaced.
  • Benefit targets are unrealistic and not being achieved.

Benefits management defines benefits, makes the change happen to ensure the benefits are realised and contributes to the organisational objectives.

Pathfinder help in defining the key goals of benefits management. We do this by:

  • Clear view of the contribution of a project to the performance targets of the organisation.
  • Appropriate data and evidence to support effective benefits management including decision-making, monitoring, reporting and measuring.
  • Understanding interdependencies within the portfolio and ensure that there is no double-counting of benefits.
  • A clear, grounded, well-articulated understanding of what governance, culture and behaviour changes are required to support benefits realisation.
  • Increased confidence that the achievement of the anticipated benefits will be sustained post programme and project implementation.
  • Enriched transparency and precision on business ownership and accountability for benefit realisation.

Benefits for you 

Working with Pathfinder, your business will achieve the following:

  • Benefits management function tailored to the needs of the organisation and project teams, fit for purpose and trusted by stakeholders.
  • Clarity, alignment and agreement on benefit measures aligned to overall strategic objectives.
  • Benefits delivered early resulting in better return on investment.
  • Bespoke business and financial models and tools to manage metrics.
  • Capability to accelerate project activities.
  • Engaged and motivated team.
  • Greater visibility of common and emerging risks.
  • Strengthen processes for setting investment priorities.
  • Enhanced decision-making through insight on financial metrics.

The Pathfinder difference 

Pathfinder help in delivering a strong benefits management function by:

  • Working closely with the customer to agree definition measures and how they can be realised.
  • Measuring the benefit through one stakeholder group versus another will not always yield the same results; a benefit to one stakeholder maybe a disbenefit to another.
  • Creating the link between tangible outputs and strategic goals.
  • Ensuring there is alignment of effort, resources and investment towards achieving organisational objectives.

Our approach

We evaluate, assess and consider all of the following when we work with our clients in getting an effective benefits management structure in place from the beginning, right through to the end of the programme. Ensuring benefits are not only realised and sustained but can be easily communicated and understood. 

  • Set up projects for success, ensuring alignment of benefits with strategy, buy-in and engagement from key stakeholders and project sponsor.
  • Start with the end in mind; working with clients to agree success factors and conditions of satisfaction and working the plan back from there.
  • Utilising any existing successful delivery methods already in place and building the into the plan.
  • Integrating benefits into the daily, weekly and monthly performance management practices.
  • Applying effective governance across programme focused around the benefits delivery.
  • Developing a value and accountability culture across the programme or portfolio that supports accelerated delivery and reduces red tape.
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