This video describes how to report business benefits results to ensure the information is readily shared with key stakeholders.
- I travel quite a bit, and one of the most frustrating things for me, is not getting status updates on a delayed fligbt. You look at the departure board, and the time keeps getting pushed out, but no other update is provided. It leaves me wondering if my flight will leave at all. Good reporting for benefits realisation is a lot like the updates you might get from caring and mindful airlines. It gives you clarity of the status, when you'll get the next update, and if your benefits are at the risk of being cancelled.
Here are my recommendations for reporting benefit status and results. First, report on results frequently, and utilize specific measurement criteria for each business benefit you are tracking. Next, share the health or status of benefits in any initiative or project status reports. These status reports should also include, risk status tracking for anything that can affect the realisation of your business benefit. Thirdly, I recommend you have a centralized method for reporting the status of business benefits for your entire organization.
It should be a simple summary report that clearly explains each benefit and its status. Here is an example. The left column of this report succinctly describes the benefit along with the measurement used to describe a target. In the first entry, you can clearly see the product being addressed, and the 10% sales increase target, along with a date for achieving the increase. The second column in your report is your current status, described as your confidence level for achieving the desired business benefit.
As part of that confidence level, you can describe any risks that are affecting the outcome. In my example, it's a delay in rolling out training. This report also identifies who the management of the business benefit and any next action that is required to support the activity to achieve that benefit. My fourth recommendation for reporting on business benefit realisation is to provide updates on your business's readiness for change.
Readiness for change can include, the completeness of new business processes, the percentage of staff members that have received the appropriate training, or, the status of the change management implementation, including definition of the new roles, and the identification of staff members to fulfill those roles. Finally, what do you do if you have a large initiative with multiple or very substantial changes occurring over a longer period of time? For example, a client of mine is implementing a new production system across multiple sites.
There are a number of projects in place, and the outcomes could be implemented in various sequences, with distinct business implications depending on the order. When you have this situation, a large initiative with multiple or very substantial changes occurring over a longer period of time, I recommend creating a business benefit realisation schedule. A business benefit realisation schedule is a sequential list of when the business benefit will be installed, who will be affected by any business process changes, and when the new measurements and targets for each business benefit should be expected by your management team.
This can help you manage expectations more easily. Just like a diligent airline, when you provide multiple ways of showing status, and keep status updates coming frequently, you'll likely have happier customers that have more confidence in you getting them to their destination.
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- Creating a business benefits roadmap
- Establishing a realization plan
- Monitoring business benefits
- Reporting results