It’s no secret that, when used effectively, IT can play an essential role in management decision-making. The problem many organizations have, however, is that they lack a defined process to connect all aspects of the benefits realization lifecycle and thus fail to provide a transparent report of how these benefits enhance the business when it comes time to choose where to direct its business IT spend.
As IT organizations continue to align more closely with the businesses they support, it is essential that any benefits resulting from IT spend are captured and clearly communicated to business leadership. Through the creation of a Benefits Realization Management Playbook, Wavestone consistently helps clients develop this capability for themselves. Taking companies full circle, this strategy is made up of four parts: Standardized Benefit Realization Process, Benefits Realization Template Library, Enterprise Governance Framework, and Executive-Level Portfolio Reporting.
Benefits Realization Project Management
When combined, these operations will connect key activities across all facets of the lifecycle and ensure successful implementations.
CASE STUDY: Fortune 500 BRM Capabilities Implementation
A Fortune 500 insurance company needed to drive much better rigor and accountability on IT project investment spend. Wavestone worked with its global finance and IT teams to help the client build best-in-class Benefits Realization Management (BRM) capabilities, including comprehensive BRM and portfolio tracking tools that were fully adopted across the organization.
Value: Wavestone aligned the client’s IT portfolio management with its overall financial goals, strategy, and P&L budgets, ultimately setting the client up for IT implementations and strategies that will drive revenue and goal realization for the business as a whole.
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