Benefit realisation is a process that involves identifying, planning, managing, and evaluating the anticipated benefits of an initiative or project. It ensures that the project's outcomes are not only achieved but are also delivering the expected advantages to the organization. Simply put, benefit realisation is the art of translating project outcomes into tangible or intangible gains, aligning them to the strategic goals of the organization.
Why is Benefit Realisation Important?
The importance of benefit realisation lies in its ability to assess the success of strategic initiatives beyond their completion. It provides a clear measure of the value that initiatives deliver, ensuring they align with and contribute to the organization’s overall strategic goals. By focusing on the benefits, organizations can avoid the trap of deeming a project successful based on traditional metrics, like on-time and under-budget completion, and instead focus on its true value-add to the organization.
Integrating Benefit Realisation into Strategic Portfolio Management (SPM)
Incorporating benefit realisation into Strategic Portfolio Management enables organizations to maximize the value derived from their strategic initiatives. Keto Software’s AI+ platform is designed to make benefit realisation an integral part of your SPM:
With Keto, define clear benefits for each strategic initiative, understand their dependencies, identify the responsible stakeholders, and set timelines and targets.
Keto allows you to track the progress of benefits realization, providing insights into the performance of initiatives and enabling timely corrective actions.
Through Keto’s platform, gain access to interactive charts and reports that visualize the progress and performance of benefits, fostering effective communication with stakeholders.
Utilize Keto’s advanced analytics capabilities to conduct what-if analyses, enabling you to prioritize investments, make informed trade-offs, and optimize the benefit realisation process.
By integrating benefit realisation into your Strategic Portfolio Management with Keto Software, you ensure that your strategic initiatives deliver tangible benefits that align with and contribute to your organization’s strategic goals. Benefit realisation with Keto translates your strategic initiatives into real-world value, maximising the return on your investments and propelling your organization towards strategic success.