A recent UMT360 webinar on Project and Portfolio Financial Controls for Project Server included discussion of the need for a benefits realization framework. It’s a topic of intense interest as businesses focus on getting the most out of their investments. Executives want to be assured that they’re getting 100% of the benefits promised and that those benefits are being delivered when expected. So, what’s keeping businesses from realizing benefits?
In working with clients over the years, UMT360 has seen clear themes emerge as to why businesses fail to achieve investment benefits. Most seem to face three main hurdles.
- Stakeholder Involvement, Commitment and Engagement
In many cases, once a project is funded, no one is responsible for benefits realization. There has to be accountability, a clear vision and agreement on objectives.
- Lack of a Proven Benefits Realization Process
No one understands how to manage the benefits lifecycle or there’s a lack of management support for a formal benefits realization process.
Market conditions, scope and resources change along with the inherent challenges associated with defining and managing soft or non-financial benefits.
Benefits realization is key to ensuring businesses get the expected payoff from investments. Learn more about how to get started with Benefits Realization by reading UMT360 CEO Mike Gruia’s white paper The Benefits Realization Crisis. Click here to download. Did you miss the webinar? Click here to view it and learn how Adding Project and Portfolio Financial Controls to Microsoft Project Server can help you realize more ROI from your PPM investment.