Transform how you do benefits realisation
The only reason you have projects is to gain the benefits.
You can always make significant short-term cost savings. Cut costs and stop progress and you will deliver financial on-budget cost performance. To deliver medium to long-term financial benefits, you need to be smart and manage non-financial benefits.
A focus on non-financial benefits not only reduces financial pressures but helps you achieve other objectives like happier customers, greater productivity and achieving faster growth. Accelerate your business by focusing on the non-financial benefits you want to achieve.
What are the changes you can expect with Wovex and benefits realisation?
- Achieve your objectives better and turn these into attainable measures.
- Projects and organisations focus their efforts on the same important issues.
- To keep people on time and on track for results where it matters.
- To understand the truth of results achieved without judgement.
- Inform those who need to know about results using facts.
- It saves you time and effort. In defining measurable goals, tracking outcomes and reporting results.
What do we know about benefits realisation?
Wovex was founded with one aim. To enable teams and organisations to be successful with benefits realisation.
By recruiting experts in the fields, working with customers globally, and investing significantly, we have created software that adds extraordinary value.
Wovex is the only software available that specialises in supporting organisations in benefits realisation.
What is benefits realisation?
Benefits Realisation is a planning and management system to:
- Communicate the expected delivery of benefits across an organisation from work
- Align parts of an organisation and work with strategy
- Prioritise work, like projects and programmes, based on the value they expect to achieve
- Measure, monitor and report progress towards targets
Why is benefits realisation important?
‘Benefits Realisation’ is about bringing greater clarity and the ability to manage key results, so people are better able to realise them. It focuses on the benefits from projects, programmes and also parts of an organisation. This is because these have significant resources invested in them to need benefits in return. If not delivered, precious resources can be wasted and the success and survival of organisations put at risk.
There are many benefits of using a disciplined approach. For example, it gives organisations a way to connect the various benefits expected with the initiatives that deliver them. Connections and performance previously hidden or unknown become revealed.
What about non-financial benefits?
Greater success is delivered as these connections enable appropriate measurements to track the key results expected. Both financial and non-financial measures are better understood and managed together.
Benefits realisation enables organisations and projects to see how they contribute to achieving objectives and goals. As a result, the benefits needed from projects and organisations are better managed, and greater value is delivered more consistently and for longer.
Benefits realisation is standard for UK Government projects and is promoted globally by professional bodies like the APM.
Why should you care about data-driven benefits realisation?
Failing to use data effectively can have significant implications for business success. Relying on instinct or existing practices to make decisions without data-driven investigation risks you wasting money on projects, portfolios and investments that are ineffective (or can be harmful).
The effective use of data can lead directly to improved business outcomes. MIT’s Center for Digital Business performed research and found “companies in the top third of their industry in the use of data-driven decision making were, on average, 5 percent more productive and 6 percent more profitable than their competitors.”
What else do I need to know?
The three things involved in benefits realisation
- Identify the benefits and measures that are important to track, manage and report. Use Wovex benefit maps, workspaces and templates to do this.
- Track progress with measures and carry out reviews with individuals and teams. Wovex provides the latest tracking and review functions.
- Report on benefit progress. Wovex has dashboards, reports and updates that keep people informed.
Benefits realisation plan
A benefits realisation plan helps you understand what benefits are expected, how they will be achieved and show key milestones. It shows the logical sequence of benefits that will enable objectives to be achieved. Wovex acts as a centralised benefits realisation plan for projects, programmes, portfolios and the whole organisation.
Benefits realisation templates
Various benefits realisation templates are available for download from websites. These help you get started to capture information, but there are significant limitations. Teams and organisations need information that can be managed at scale and quickly. The information needs to be easily found and updatable by a wide variety of people. The information needs to be connected together and provide a macro view. Wovex delivers all these benefits and more.