Benefits Realisation: A different approach

One of the most common topics we get asked about at Just Enough Change, is Benefits Realisation. It can be a complex world, shrouded in financial jargon and extremely difficult to understand. We work with organisations to simplify the approach so that it is more easily understood.

"Change is hard enough,

Managing it shouldn't be!"

Whilst building the new change tracker we wanted to continue with these thoughts and have therefore developed it as follows.

Each Case falls under one of three headings:

1. Strategic (helping drive the organisations goals/objectives)
2. Financial (generally either a reduction in cost base or increase in revenue)
3. Management/information (re-organisation or ability to access greater insights).

These groupings allow you to collate similar cases under a single category. Each case needs to have a clearly defined benefit. Often companies have a large case for change, but by separating them out, it allows you to have greater control.

Each case should allow you to go through the following stages.

• Definition: Defining the case for change. A title, description and owner is vital and understanding the case in terms utilising SMART is key to helping viewers understand what the goal is trying to achieve.

When you break down each case using the SMART terminology, not only is it easier to understand, but a lot easier to measure!

• Measurement/KPI: This is key to measuring success. Is this a reduction in the cost base or increase in customer satisfaction, for example. The KPI should state the current (baseline) measure and what the target state is. Once this has been clearly defined then the owner needs to sign this off as an agreed approach. We call this an enhanced stakeholder action.
• Depending on the KPI this could be measured continually (for example, every month, quarter, 6 months or annually) or a one-off measure at the end of the deliverable. This will depend on the KPI, however we see very few cases that are measured regularly, and should be. This has the benefit of showing any trends, allowing you to step in and apply corrective actions earlier in the process.
• Realised: Once the target has been realised we should draw 'a line in the sand' and celebrate success. At the end of the day, being able to demonstrate the benefits is why a company undertakes changes. Unfortunately, this is where most organisations stop. But all too often we see old practices creeping in a few months later. That's why we introduce the sustain stage.
• Sustain/BAU: Here we re-measure and take a temperature gauge on how the change is progressing after realisation. Normally 2/3 months after achieving the goal, this allows the organisation to make sure the benefits are still being realised. It's an opportunity to take stock and in some cases tweak actions if needed.
• Closed: Only after we have sustained the change and it's really BAU, can we close the case. We have clearly demonstrated progress throughout and highlighted that the benefits are still in existence. We should understand any learnings to take forward at this point but clearly closing the case allows you to divert energies onto other areas.

By utilising the Change Tracker from Just Enough Change, you are able to track the stages of Benefits Realisation and this in turn will help you drive the goals. When these are closely coupled with company objectives and values, as well as key stages of the change such as training, communications, impact analysis and employee engagement, benefits will have a greater chance of being realised.

If you would like to find out more about how we are helping clients achieve their benefits and managing change in a single graphically rich solution, please drop us a message at [email protected].