Strengthening Benefits Awareness in the C-Suite
Definitions of success vary. But for strategy implementation, high rates of failure — by any measure — are a constant. Only 61 percent of projects key to putting strategy in place yielded the intended strategic benefits according to an Economist Intelligence Unit (EIU) global survey of more than 500 executives, sponsored by PMI.
Surprisingly, those implementing strategy frequently aren’t fully aware of what their projects are meant to achieve. And this can impede the successful completion of strategic projects.
The need to address this knowledge deficit has led to a growing interest in benefits realization management (BRM): 70 percent of respondents say that increased use of BRM is a “very high” or “extremely high” priority at their organization.
Organizations that benefit from BRM are distinguished by these attributes:
- Ongoing monitoring
- Embedding BRM into project portfolio governance
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