Link: https://theknowledgeeconomy.wordpress.com/2023/02/18/benefits-realisation-2/
Benefits realisation is the process of identifying, planning, and achieving the benefits that an organisation expects to gain from a particular project or initiative. It involves identifying the specific benefits that are expected to be achieved, determining how they will be achieved, and then monitoring progress to ensure that the benefits are actually being realized.
One of the key benefits of benefits realisation is that it helps organisations to make better decisions about how to allocate their resources. By identifying the specific benefits that are expected to be achieved from a particular project or initiative, organisations can make more informed decisions about how much to invest in the project and how best to allocate their resources to achieve those benefits.
Another benefit of benefits realisation is that it helps organisations to identify and manage risks more effectively. By identifying the specific benefits that are expected to be achieved, organisations can also identify the risks that may prevent those benefits from being realised. This allows organisations to develop plans to mitigate those risks and ensure that the benefits are achieved.
Benefits realisation also helps organisations to improve their overall performance by ensuring that they are focusing on the areas that will have the greatest impact on their overall success. By identifying the specific benefits that are expected to be achieved, organisations can ensure that they are investing in the areas that will have the greatest impact on their overall performance.
Finally, benefits realisation helps organisations to be more accountable for the results that they achieve. By identifying the specific benefits that are expected to be achieved, organisations can also set specific targets for achieving those benefits. This helps organisations to be more accountable for the results that they achieve, and it also helps organisations to identify areas where they need to improve.
In conclusion, benefits realisation is a key process for organisations that want to make better decisions about how to allocate their resources, identify and manage risks more effectively, improve their overall performance, and be more accountable for the results that they achieve. By identifying the specific benefits that are expected to be achieved, organisations can make more informed decisions about how to allocate their resources and ensure that they are focusing on the areas that will have the greatest impact on their overall success.
