Benefits Realization &
Measuring Project Outcomes
What is Benefits Realization and Measuring Project Outcomes?
Inpensa SaaS platform is a system purpose-built to manage benefits realization. We look at benefits realization and managing project outcomes as a separate discipline. It is different than just tracking project if it is on time or on budget.
Benefits realization is about being able to understand from financial and non-financial perspective what the cost savings are.
What is the Revenue?
What is the cost avoidance and any revenue that is associated with the initiative? It is about being able to identify that both in the planning phase and the analysis phase through business cases and then through tracking.
CapEx & OpEx
It's incredibly important track the project's CapEx and OpEx and also track and identify the financial outcomes which are revenues cost savings, cost avoidance.
Additionally, it is critical to be able to capture and measure project outcomes. Those project outcomes are non-financial. Inpensa platform is able to look at business outcomes measure customer satisfaction head count reduction operational efficiency and so on.
A lot of projects are approved based on their CapEx and OpEx spend and the benefits that they will deliver but there is no follow up. Most projects don't realize the benefits that are captured in the business case.
TracIQ was purpose-built for managing benefits realization. We believe that the benefits should be captured up front in planning, the benefits should be analyzed in the business case and should alternately be tracked in TracIQ. This way you can produce the benefits realization report that shows the aggregate benefit across all your portfolio.
Based upon the unique requirements of each client, Inpensa can guide, assist, direct or manage the essential processes in support of effective Benefits Realization and Measurement of Project Outcomes.
This way you can produce the benefits realization report that shows the aggregate benefit across all your portfolio. There are several goals with benefits realization:
- One is to manage and drive accountability within the organization. For example, let's assume someone is proposing a business case that will yield ten million dollars of cost savings. We want to be able to drive that accountability. To make sure that once the project has we track if the project is actually delivering value and hold people accountable to that value.
- We also want to be able to capture the benefits that are being delivered within the organization. It is important to bring that data together in real time. Then it is critical to deliver benefits realization capability. This would be used to create reports to be communicated to executive management.
Example: Digital Strategy
An example is having a digital strategy. The digital strategy is funded with two hundred million dollars as an example. It is funded across multiple projects. The end outcome of that digital strategy is not that you have a strategy and you have projects associated with it and you're spending resources on the digital strategy.
The most important part of the digital strategy is the business outcome. How does it impact your firm if you successfully execute on your digital strategy? How we tie projects to business outcomes? How we help executives deliver and communicate the message of how their investments are impacting the organization?