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How do you measure success?
Whether you're undertaking a digital transformation or business transformation, success is often measured by deliverables.
Project managers focus on the systems implemented, processes automated, or services digitised. But for leaders in business and government, this approach fails to ensure return on investment.
A better question to ask: did we realise the value we set out to achieve?
Benefits realisation is an outcome-focused approach to project planning. It focuses on delivering measurable value rather than just completing deliverables.
The case for benefits management
Transformation projects are complex, high-stakes endeavours. Whether implementing a new financial system or rolling out digital services to citizens, these initiatives demand significant resources and carry reputational risk.
Yet, many projects fail to deliver their intended benefits. Research from the Project Management Institute (PMI) reveals that a lack of formal benefits management is a primary cause of program failure. Organisations often struggle to drive the necessary cultural change until benefits are clearly defined, agreed upon, and measured.
By embedding benefits management from the outset, you anchor your project to its purpose, ensuring every decision moves you closer to your strategic goals.
Our best practice approach to benefits realisation
Effective benefits management begins before a project is approved and continues long after it’s delivered. At RSM, we champion a proactive, structured approach that turns your strategic vision into tangible results.
We work with you to:
Identify and define benefits early
During the business case phase, we help you identify all potential benefits. This includes both tangible outcomes, like cost savings and efficiency gains, and intangible ones, such as improved user experience, enhanced public trust, or stronger policy alignment.
Plan and map benefits
We create a benefits realisation plan that outlines how and when each benefit will be achieved and map them to their enabling changes and outcomes.
Establish robust baselines and metrics
To measure success, you must first define it. We assist in collecting baseline data before implementation and establish clear Key Performance Indicators (KPIs) to track progress. This could involve service levels, stakeholder feedback, or other critical metrics.
Assign clear ownership and accountability
A benefit without an owner is a benefit at risk. We ensure every identified benefit has a dedicated owner responsible for its realisation, creating a culture of accountability that extends beyond the project team.
Integrate benefits into governance
Benefits management should be at the heart of your project governance. We help embed regular benefits reporting into your existing structures, providing senior leadership and stakeholders with the visibility needed to make informed decisions.
Track, review, and adapt continuously
Benefits realisation is not a static process. We help you monitor progress continuously, allowing for course correction and adaptation. This dynamic approach ensures your benefits framework evolves with your project, maximising its final impact.
A benefits management plan should be your first step.
Trying to measure benefits at the end of a project is too late as you won’t necessarily have the data to compare against. You also run the risk of just measuring what you can rather than what you really should. It is also important to have a mix of quantitative and qualitative benefits. While harder to measure, qualitative outcomes like improved team morale or enhanced public reputation can be just as critical as raw numbers.
FREQUENTLY ASKED QUESTIONS
Benefits management is a disciplined approach that ensures projects and programs deliver measurable value.
It involves identifying the benefits that an initiative is expected to achieve, planning how to realise those benefits, tracking progress, and ensuring that the intended outcomes are delivered.
Without it, even the most technically successful projects can fail to make a meaningful impact.
At its core, benefits realisation management ensures that resources are allocated effectively and that projects remain focused on achieving their intended purpose.
For example, if a company invests in a new software system, benefits management would involve not just implementing the system but also measuring how it improves efficiency, reduces costs, or enhances customer satisfaction over time. By taking this disciplined approach, organisations can maximise the return on their investments while minimising the risk of wasted resources.
Ultimately, benefits management is a proactive, strategic capability that aligns investments with outcomes and embeds accountability across the lifecycle of change.
To ensure benefits are realised, you should assign a dedicated benefit owner who is accountable for the outcome. It is also crucial for the project team to maintain a sharp focus on the business case and desired outcomes throughout the project delivery phase, guided by solid project management principles.
The principles are the same, but the complexity changes with project size. Large-scale projects, common in the public sector, often require a formal program manager and a senior responsible official to oversee benefits. Smaller projects might successfully use a single owner, whereas large, complex initiatives may be segmented into smaller parts for more manageable tracking.
A key challenge of benefits management is maintaining focus after the project is handed over. Other difficulties include initial optimism bias when estimating benefits, managing project changes that impact outcomes, and having weak project governance mechanisms. You will need effective project and change management to overcome these hurdles.
How we can help
At RSM, we understand that realising value is the ultimate measure of success. By embedding benefits management into governance and culture, your organisation can move beyond delivery to impact.
Benefits need to be managed, not just expected. Our experts are dedicated to helping you implement benefits management into your projects. We provide the tools, expertise, and collaborative support to ensure your transformation initiatives deliver on their promise.
Contact us today to get started.
