What is Benefits Realisation Management?
Benefits management is “a process concerned with delivering the predicted business benefits defined in the business case. The process includes managing projects to deliver the predicted benefits and, after the project has been implemented, checking progress on achieving these benefits and taking any actions required to enable their delivery.” (Business Analysis, 4th edition).
A benefit is defined as “a positive gain to an organisation expected to follow from carrying out a business change programme or project.” (Business Analysis, 4th edition).
Why is benefits management important?
The Project Management Institute (PMI) highlights that there is “a greater need now than ever to ensure that investments in portfolios, programmes, and projects lead to clear, sustainable benefits.”
Furthermore, Paul and Cadle stress that “the importance of using investment funds wisely and delivering the business benefits predicted for business change initiatives has become increasingly necessary to the survival of organisations.”
The Reality of Benefits Management in Projects
- Only 36% of organisations consistently achieve the full benefits of their projects (State of Project Management research).
- Benefits realisation is often undervalued and one of the most challenging project management processes to embed.
- Business cases frequently list anticipated benefits without ensuring they are realistic or achievable.
- Benefits are often forgotten until project closure when it is too late for corrective actions.
- Lack of accountability makes it difficult to track whether benefits have been realised.
Effective benefits management mitigates these risks by:
Reinforcing why a project is undertaken.
Clarifying roles & responsibilities in delivering benefits.
Increasing stakeholder buy-in and support.
Improving project prioritisation and selection.
Providing a holistic view of benefits across business functions.
The Fundamental Question: Benefits or Projects First?
The realisation of benefits is why investments are made. Yet, many organisations treat benefits realisation as an afterthought rather than the core driver for projects.
To break this cycle, it is crucial to:
- Shift from business-as-usual to value-as-usual thinking.
- Acknowledge that projects are investments—every decision to execute a project means allocating people, time, and money.
- Measure realised benefits, not just outputs, ensuring clear targets, baselines, and deadlines.
How to Bring Benefits Realisation Management to Life
1. Make It a Principle
Principles define how an organisation approaches value creation. If benefits realisation is not deeply embedded as a principle, it will remain a secondary priority in project management.
✔ Ensure benefits drive the selection of projects, not the other way around.
✔ Move beyond “tracking benefits”—people must understand why benefits matter to the organisation.
✔ Shift from output-based thinking to outcome-driven success—success is about delivering real business value, not just completing projects.
2. Make It Stick
A benefits-led culture requires ongoing reinforcement, not just occasional training or governance meetings.
✔ Position BRM as a fundamental part of project success in governance, reporting, and assurance.
✔ Create benefits champions across departments to embed the mindset in daily work.
✔ Discuss benefits regularly in leadership meetings, project updates, and decision-making forums.
✔ Foster an open culture where benefits and business outcomes are honestly discussed—not just documented and forgotten.
3. Make It a Priority
How much value are you losing by failing to realise project benefits?
Many organisations don’t track this—but they should.
✔ Translate unrealised benefits into financial losses (£ wasted or at risk).
✔ Present hard data to leadership to create urgency.
✔ Ensure that benefits realisation is not just an end-of-project exercise but an ongoing focus throughout the project lifecycle.
💡 If you frame benefits realisation the right way, it becomes impossible for leadership to ignore.
Benefits Management Process
1. Concept Stage (Identify High-Level Benefits)
The earlier you integrate benefits management, the stronger your business case. This stage ensures projects focus on business objectives and outcomes, rather than just outputs.
Key Actions in the Concept Stage
✔ Identify & engage key stakeholders who will benefit from the project.
✔ Facilitate a workshop to define predicted benefits and clarify expectations.
✔ Specify who will receive each benefit and quantify how many people will benefit.
✔ Define SMART project objectives (Specific, Measurable, Achievable, Relevant, Time-bound).
✔ Identify disbenefits – Negative impacts that must be mitigated.
✔ Establish baseline measurements for tracking progress.
✔ Align benefits with organisational strategy and other ongoing projects.
✔ Identify potential dependencies between benefits, other projects, and enablers.
2. Definition Stage (Perform Detailed Benefits Planning)
Once your project moves to the Definition Stage, it’s time to integrate detailed benefits planning into project execution.
Key Actions in the Definition Stage
✔ Populate the Benefits Register, listing all planned and emergent benefits.
✔ Categorise benefits:
- Tangible vs. Intangible
- Financial vs. Non-financial
- Planned vs. Emergent
✔ Assign a Benefit Owner responsible for tracking and realising each benefit.
✔ Develop a Benefit Profile for each benefit, detailing: - What – The expected benefit.
- Who – The recipients.
- How – The measurement method.
- When – The expected realisation timeframe.
✔ Draft a Benefits Realisation Management Plan, detailing: - Key activities
- Timeframes
- Measurement approaches
✔ Develop a Benefits Traceability Matrix linking benefits to specific project outputs.
✔ Engage stakeholders to validate benefits and secure long-term commitment.
3. Delivery Stage (Monitor & Update Benefits Management Artefacts)
At this stage, project outputs are developed, and change is actively managed. Regular engagement with benefit owners is crucial.
Key Actions in the Delivery Stage
✔ Regularly review the Benefits Register for updates.
✔ Track emergent benefits & disbenefits.
✔ Identify new risks, dependencies, and issues impacting benefits.
✔ Ensure benefit owners and the project board are informed of changes.
✔ Assess whether project outputs meet the agreed success criteria.
✔ Update all benefits management artefacts to reflect real-time progress.
✔ If benefits are no longer viable, escalate to the project board for potential project termination or scope adjustment.
4. Handover & Closure Stage (Transition Benefits to BAU)
Before project closure, ensure a smooth transition of benefits to business-as-usual (BAU) operations.
Key Actions in the Handover & Closure Stage
✔ Conduct a handover meeting with project stakeholders and benefit owners.
✔ Ensure that project outputs are fully operational and usable in BAU.
✔ Finalise and hand over the Benefits Realisation Management Plan.
✔ Capture and document lessons learned from the project.
✔ Provide an evaluation of all realised and unrealised benefits.
✔ Identify remediation actions for partially realised benefits.
✔ Ensure the project board signs off on benefits realisation responsibilities.
5. Post-Project Stage (Realise, Sustain & Report on Benefits)
The Post-Project Stage ensures that benefits continue to be monitored, realised, and sustained over time.
Key Actions in the Post-Project Stage
✔ Benefit owners fully own and manage project outputs.
✔ Conduct formal benefits realisation reviews at key intervals.
✔ Measure actual benefits vs. forecasted benefits.
✔ Identify lessons learned and areas for improvement.
✔ Develop benefits realisation reports for senior management.
✔ Maintain dashboard reporting to track ongoing benefits performance.
How OKRs (Objectives & Key Results) Transform Benefits Realisation
The Challenges in Traditional Benefits Management
According to PMI’s Pulse of the Profession report, fewer than 10% of organisations have a high maturity in delivering value, leading to significant project investment waste.
Common challenges in benefits realisation:
❌ Lack of clarity in defining benefits.
❌ Difficulty in measuring and tracking benefits.
❌ Low stakeholder engagement and resistance to change.
❌ Inadequate governance and planning.
What Are OKRs & How Can They Solve These Issues?
OKRs (Objectives & Key Results) are a goal-setting framework that bridges strategy and execution. Instead of vague, long-term benefits, OKRs ensure continuous measurement and alignment with business objectives.
The “Superpowers” of OKRs for Benefits Realisation
Focus – Ensures benefits are linked to strategic objectives.
Tracking – Provides continuous, transparent measurement.
Commitment – Promotes accountability across teams.
Adaptability – Enables agile response to changing priorities.
Applying OKRs to Benefits Realisation
Instead of vaguely defined long-term benefits, OKRs set clear, trackable objectives with measurable key results.
How OKRs Help Solve the Most Common BRM Problems:
| Benefits Realisation Management Challenge | OKR Superpower | How OKRs Solve It |
|---|---|---|
| Lack of clarity in defining benefits | Alignment | OKRs ensure benefits are linked to strategic objectives. |
| Difficulty in measuring benefits | Tracking | OKRs require defining clear, measurable key results. |
| Resistance to change | Commitment | OKRs build a culture of accountability & improvement. |
| Lack of ownership & accountability | Commitment | Each Key Result has a clear owner for tracking progress. |
| Inadequate planning & execution | Tracking | The OKR cycle enables frequent reviews & adjustments. |
| Insufficient resources | Focus | Prioritisation ensures resources go to the highest-value benefits. |
| Low stakeholder engagement | Commitment | OKRs encourage collaboration across teams & departments. |
| Inefficient governance | Traceability | OKRs provide continuous visibility into benefit realisation. |
| Lack of integration between projects & programs | Focus | Benefits across projects are aligned under common objectives. |
| Communication issues | Commitment | OKR cycles encourage open dialogue & transparent progress tracking. |
Long-Term OKRs for Benefits Management
One challenge with traditional Benefits Realisation Management (BRM) is that organisations define benefits in long-term business cases but fail to track progress effectively.
Solution:
Instead of long, static benefits plans, OKRs use quarterly or semi-annual tracking cycles to ensure ongoing realisation and adjustments.
OKRs Provide a Balance Between Long-Term Vision & Agile Execution
- North Star Objective (Annual or Multi-Year Goal) – The overarching strategic benefit goal.
- Quarterly OKRs – Shorter-term targets to ensure continuous progress & adaptability.
This approach allows organisations to:
✅ Maintain long-term benefits realisation goals.
✅ Stay agile and responsive to change.
✅ Ensure continuous engagement from stakeholders.
Final Thoughts: The Future of Benefits Realisation
Organisations must prioritise benefits realisation to ensure projects yield real value. By integrating OKRs into Benefits Realisation Management, businesses can:
- Increase project success rates
- Drive strategic alignment
- Maximise return on investment
It’s time to move from a static benefits realisation model to a dynamic, agile approach—OKRs can be the key to achieving this!
When it works
NATS shared their story and experience of implementing benefits realisation management into their portfolio at a recent Wellingtone Community event.
For them, the PMO sits as an integrator, providing critical links between strategy execution, and education. In conjunction with the shift from benefits relating to monetary value to business performance, they have been able to implement a version of Benefits Realisation Management that works for them, in their highly regulated environment.
You can read more about the NATS journey in our event companion article HERE
