When working with a limited budget, most organizations struggle to prioritize the multitude of initiative requests they receive. When hiring IS:Oil PartnersTM, our Benefits Realization Consultants can help to create an objective-based selection process for submitted initiatives. We then tie the entire Benefits Realization plan to the Program Plan to ensure that execution is laser-focused on benefits delivery. Our change management and issue management methods then help you understand quickly if risks exist and help you redirect to stay on track.
In the bigger picture, our tools can help you manage an entire portfolio of programs, establishing a value basis for each program, pre-requisites, costs, and timing. You can then manage your portfolio according to your budget and manage changes as they occur throughout the fiscal year.
Our Value Management/Benefits Realization practice provides a structured approach and technology to ensure that the anticipated benefits of a project, program, or initiative are properly defined, achieved, and maximized.
Clearly Defined Objectives
Our approach to Value Management/Benefits Realization begins with clear and specific objectives. It's essential to define what the intended benefits are, whether they are financial, operational, strategic, or otherwise. We will work with you to create benefits that are measurable and tied to the organization's overall goals.
Alignment with Strategy
We will work closely with you to ensure your initiative closely aligns with your organization's strategic plan and goals. The benefits that we establish together will directly support the organization's mission and vision, ensuring that the initiative's outcomes are strategically relevant.
Stakeholder Engagement
Involving stakeholders is critical. This includes not only project and program teams but also end-users, sponsors, and anyone who has a vested interest in the initiative's outcomes. We will work with you to ensure your stakeholders understand the expected benefits and be committed to their realization.
Benefit Ownership
Within our approach to Value Management/Benefits Realization, each benefit is designated to an owner who is responsible for its realization. Using the Value Management module built into our Project Portfolio Management and Implementation Delivery platform, AMIGO™, this individual or team is accountable for tracking, measuring, and ensuring that the benefits are achieved.
Benefits Identification and Measurement
Using our AMIGA™ framework, our Value Management/Benefits Realization consultants take a systematic approach to identify, quantify, and measure the benefits. This includes establishing baseline metrics, setting targets, and defining key performance indicators (KPIs) to track progress. All this information is loaded into AMIGO™ to provide our clients with complete transparency over the entire Value Management/Benefits Realization journey.
Baseline Assessment
Before the initiative begins, our Value Management/Benefits Realization consultants will work with you to establish a baseline assessment to understand the current state or conditions. This serves as a reference point for measuring the impact of the initiative.
Benefit Mapping
our Value Management/Benefits Realization consultants will work with you to ensure that your targeted benefits are mapped to specific programs, project deliverables, business processes, strategic data, and human resources, enabling a clear connection between actions and outcomes. This mapping helps in tracking progress and adjusting when necessary.
Benefit Realization Plan
Using our expertise, coupled with our AMIGA™ framework and AMIGO™ software, we will work with you to develop a comprehensive plan to outline how each benefit will be achieved. This plan includes a timeline, resource allocation, risk assessment, and contingency measures.
Performance Tracking and Reporting
Using our expertise and AMIGO™ software, we will assist you in the regular monitoring and reporting of progress toward achieving the benefits. This ensures that issues or deviations from the plan can be addressed in a timely manner.
Benefits Review Board
If required, we will help you establish a benefits review board to oversee the benefits realization process, resolve issues, and make decisions regarding the initiative's course.
Benefit Validation
Before closing a project or program, there should be a formal process to validate that the expected benefits have been realized. All these capabilities have been built into AMIGO’s Value Management module. Our clients can harvest the value on their IS: Oil transformation initiatives for up to ten years to ensure that the initiative provides the value that was originally intended.
Continuous Improvement
Value Management/Benefits realization is an iterative process. Using AMIGO™, we will work with you to analyze that benefits are being realized in accordance with our original plan and document Lessons learned to improve future initiatives and ensure that the organization becomes more adept at achieving the anticipated benefits.
Communication and Awareness
Keeping stakeholders informed and engaged is crucial. Regular communication helps maintain enthusiasm, secures ongoing support, and ensures that everyone is aware of the initiative's progress. Using AMIGO’s patent-pending AI-Messenger™ technology, stakeholders will automatically be notified of changes in the benefits realization plan and be provided a mechanism in which to respond to those changes.
Risk Management
As part of our AMIGA™ framework and AMIGO™ Value Management and Risk Management modules, our expert consultants will work with you to identify and manage the potential obstacles to achieving benefits and develop mitigation strategies.
Adaptability
Our Value Management/Benefits Realization consultants are adaptable to changing circumstances. If unexpected changes occur, we will work with you to adjust your strategy to ensure that benefits are still realized.
Accountability
Our Value Management/Benefits Realization consultants will work with your organization to ensure Individuals and teams responsible for benefits realization are held accountable for their roles in achieving the benefits. This accountability encourages a culture of responsibility and performance.
Increased Accountability
Our Value Management/Benefits realization initiatives assign clear ownership and accountability for realizing the anticipated benefits. This accountability encourages individuals and teams to actively work towards achieving the defined outcomes.
Enhanced Decision-Making
By using AMIGO™ to track and measure benefits, organizations can make data-driven decisions. This leads to more informed choices regarding resource allocation, project prioritization, and strategy adjustments.
Alignment with Strategy
Our approach to Value Management/Benefits Realization initiatives ensures that projects and initiatives are closely aligned with the organization's strategic goals. This alignment helps organizations focus on activities that drive the most value.
Optimized Resource Allocation
Organizations can allocate resources more efficiently. By focusing on initiatives that contribute to the desired benefits, resources are used more effectively, reducing waste and maximizing returns.
Improved Risk Management
Our approach to Value Management/Benefits Realization initiatives includes robust risk management processes to identify, assess, and mitigate risks that could impede the realization of benefits. This proactive approach minimizes the impact of unforeseen challenges.
Enhanced Performance Monitoring
Value Management/Benefits Realization initiatives involve continuous monitoring and reporting on key performance indicators (KPIs). Using AMIGO’s Value Management module provides real-time visibility into progress and allows for timely interventions to keep initiatives on track.
Enhanced Stakeholder Communication
With AMIGO’s patent-pending AI-Messenger™ technology, AMIGO™ is keeping stakeholders informed about benefits realization progress and fosters trust and transparency 24/7/365. As a result, stakeholders are more likely to remain engaged and supportive when they are well-informed.
Financial Accountability
Using our expertise, coupled with our AMIGA™ framework and AMIGO™ software, organizations can better control and justify expenditures by tying them directly to expected benefits. This accountability ensures that investments are made wisely and with a clear return on investment (ROI).
Demonstrable Value
With AMIGO™, we provide the ability to demonstrate that an organization is achieving the benefits it set out to achieve, which is crucial for building credibility with stakeholders, including investors, regulators, and customers.
Efficient Change Management
Our approach to Value Management/Benefits Realization initiatives helps organizations manage change effectively. By understanding how changes impact benefits, organizations can adapt to shifts in circumstances.
Continuous Improvement
With AMIGO™, lessons learned from one benefits realization initiative can inform the approach for future projects and programs. Over time, organizations become more proficient at achieving benefits.
Competitive Advantage
Organizations that consistently realize benefits from their initiatives gain a competitive edge. They can innovate faster, respond to market changes more effectively, and drive sustainable growth.
Enhanced Organizational Learning
Through value management and benefits realization, organizations gain insights into what works and what doesn't in achieving their goals. This learning contributes to a culture of continuous improvement.
Reduced Project Failures
Our approach, coupled with AMIGO’s Portfolio Management and Value Management modules, helps identify underperforming projects early, allowing organizations to take corrective action or, if necessary, terminate projects that are unlikely to deliver the expected benefits.
Clearer Prioritization
Our approach, coupled with AMIGO’s Portfolio Management and Value Management modules, gives organizations a clear understanding of which initiatives contribute the most to the desired benefits, and organizations can prioritize projects and allocate resources accordingly.
Improved Stakeholder Satisfaction
Successfully achieving the anticipated benefits results in higher stakeholder satisfaction, as they see the value and impact of the organization's initiatives.
Environmental and Social Responsibility
With our approach to Value Management/Benefits Realization initiatives, we work with our clients to include environmental and social benefits, such as reducing carbon emissions, which align with corporate social responsibility (CSR) goals.