Webinar Recap: Why Use a “Benefits Register” in Programs and

June 22nd, 2020 by Thea Maisuradze

On June 16th, 2020, Inflectra's agile champion - Sriram Rajagopalan, Ph.D. hosted the last webinar in the Risk Management webinar series. The webinar explored why to use a “Benefits Register” in programs and portfolios.

If you missed the webinar, please enjoy this recap, complete with a video recording.

Webinar Agenda:

The webinar covered the following areas:

How to establish the value of benefits in the program and portfolios
The important principles of benefits register
The approaches to using the benefits register in value delivery
How to use the Benefits Register effectively.

Webinar Blog:

One thing that is evident in the last two decades is the resurgence of the pivotal role played by project delivery management. The attention to the integrated benefits resulting from projects has taken on the limelight. The focus on benefits realized and their alignment to the strategic objectives looks further beyond the outputs and outcomes from project delivery because the metrices like on budget, on scope, on schedule, velocity, and burn rate could be misleading indicators.

According to the PMI’s Pulse of the Profession report on the focus on benefits during project execution, organizations that invest in benefits realization leverage cross-functional teams more effectively balance tools and processes to deliver on strategic benefits. Yet, the report claims that 83% of the organizations lack organizational maturity to realize benefits.

This benefit identification and alignment starts with the business case with a proforma outlook when initiating portfolios and programs. Subsequently, the approach to delivering the benefits are planned. Various financial, statistical, and business models are utilized appropriately to extend the business case with additional details in the program mandate or project charter. Then, the journey continues putting together the benefit realization timeline consistent with how the portfolio or program will be funded. This benefit realization takes shape in the form of product and program roadmaps, release and iteration planning, or progressing planning in the form of work breakdown structure.

The portfolios and programs may have initiatives, such are increasing revenue through radical or incremental innovation, strategies to penetrate the market, or diversity the product functionality. Alternatively, the organization may focus on reducing the total cost of ownership to do more, better, cheaper, faster, and keep employees happier. Some business value may emerge to meet various compliance requirements. To continuously sustain the organization, senior management may plan by building capability and capacity. The critical artifact that tracks the entire benefit life cycle from its identification through sustainment is the benefits register.

Earlier in our series, we discussed benefits register along with other tools like the RACI and Risk Register. Join me in this webinar as I set the foundations of this Benefits Register and discuss how it evolves through the risk management lifecycle.