Benefits realisation is the process of measuring and evaluating the actual benefits achieved from a project or initiative. It involves comparing the expected benefits with the actual benefits and identifying any discrep
ancies. Benefits realisation is a critical component of project management, as it helps ensure that projects deliver the expected results and that stakeholders receive the intended benefits. In this blog, we will discuss the benefits of benefits realisation and how it can help organisations achieve their goals.
1. Helps justify the investment: By measuring the actual benefits achieved, organisations can justify the investment made in the project or initiative. Benefits realisation provides evidence that the project has delivered the expected results, which can be used to secure future funding or support. 2. Improves decision-making: Benefits realisation helps organisations make better decisions by providing data on the actual benefits achieved. This information can be used to inform future projects, initiatives, and investments and to identify areas for improvement. 3. Facilitates continuous improvement: Benefits realisation helps organisations identify areas for improvement by comparing expected benefits with actual benefits. This information can be used to refine processes, improve performance, and optimise resources. 4. Enhances stakeholder satisfaction: By delivering the expected benefits, organisations can enhance stakeholder satisfaction. This can lead to increased loyalty, support, and trust, which can have a positive impact on the organisation's reputation and bottom line. 5. Increases accountability: Benefits realisation increases accountability by holding project teams and stakeholders responsible for delivering the expected benefits. This can help ensure that projects are executed effectively and that resources are used efficiently. 6. Enables strategic alignment: Benefits realisation helps ensure that projects are aligned with the organisation's strategic goals and objectives. By measuring actual benefits against expected benefits, organisations can identify areas where projects are not aligned and take corrective action.
In conclusion, benefits realisation is a critical component of project management that can help organisations achieve their goals. By measuring actual benefits against expected results.