- Deborah Eyzaguirre, IT Business Relationship Manager, UNT System
- Herbert Kraft, MIS Manager, Prairie Knights Casino
- Roslyn Kamen, CFO, Miles Nadel JCC
- Nicole Haggerty, Associate Professor of Information Systems, Ivey Business School
- Chris Austin, CTO, Ivey Business School
- Adriana Callerio, IT Director Performance Management, Molina Healthcare Inc.
- Joe Evers, Consulting Principal, JcEvers Consulting Corp
- Huw Morgan, IT Research Executive
- Joy Thiele, Special Projects Manager, Dunns Creek Baptist Church
- Rick Daoust, CIO, Cambrian College
- IT and the business are often misaligned because business value is not well defined or communicated.
- Decisions are made without a shared perspective of value. This results in cost misallocation and unexploited opportunities to improve efficiency and drive innovation.
- IT exists to provide business value and is part of the business value chain. Most IT organizations lack a way to define value, which complicates the process of making value-based strategic business decisions.
- IT must link its spend to business value to justify its investments. IT doesn’t have an established process to govern benefits realization and struggles to demonstrate how it provides value from its investments.
- Pursue value, not technology. The inability to articulate value leads to IT being perceived as a cost center.
Impact and Result
- Ensure there is a common understanding within the organization of what is valuable to drive growth and consistent strategic decision making.
- Equip IT to evaluate, direct, and monitor investments to support the achievement of organizational values and business benefits.
- Align IT spend with business value through an enhanced governance structure to achieve cost optimization. Ensure IT visibly contributes to the creation and maintenance of value.
Start here – read the Executive Brief
Read our concise Executive Brief to find out why you should establish a benefits realization process, review Info-Tech’s methodology, and understand the four ways we can support you in completing this project.
1. Understand business value
Ensure that all key strategic stakeholders hold a current understanding of what is valuable to the organization and a sense of what will be valuable based on future needs.
2. Incorporate benefits realization into governance
Establish the process to evaluate spend on IT initiatives based on expected benefits, and implement the methods to monitor how well the initiatives achieve these benefits.
3. Ensure an accurate reference of value
Re-evaluate, on a consistent basis, the accuracy of the value drivers stated in the value statement with respect to the organization’s current internal and external environments.
This guided implementation is a seven call advisory process.
Guided Implementation #1 - Understand business value
Call #1 - Identify key stakeholders and business value statement.
Call #2 - Devise a business value statement.
Call #3 - Establish stakeholder understanding of business value drivers and benefits realization.
Guided Implementation #2 - Incorporate benefits realization into governance
Call #1 - Adjust your governing process documentation.
Call #2 - Present the changes to stakeholder.
Call #3 - Implement changes to the governing process.
Guided Implementation #3 - Ensure an accurate reference of value
Call #1 - Continuously revisit the value definition.
Book Your Workshop
Onsite workshops offer an easy way to accelerate your project. If you are unable to do the project yourself, and a Guided Implementation isn't enough, we offer low-cost onsite delivery of our project workshops. We take you through every phase of your project and ensure that you have a roadmap in place to complete your project successfully.
Module 1: Understand Business Value
- Establish the business value statement.
- Understand the importance of implementing a benefits realization process.
Key Benefits Achieved
- Unified stakeholder perspectives of business value drivers
- Establish supporters of the initiative
Understand what governance is and how a benefits realization process in governance will benefit the company.
- Stakeholder buy-in on benefits realization process
Discuss the mission and vision of the company, and why it is important to establish the target state prior to defining value.
- Understanding of interrelations of mission, vision, and business value drivers
Brainstorm and narrow down organization value drivers.
- Final three prioritized value drivers
- Completed business value statement
Module 2: Incorporate Benefits Realization Into Governance
- Establish the intake, assessment and prioritization, and output and monitoring processes that are involved with implementing benefits realization.
- Assign cut-over dates and accountabilities.
- Establish monitoring and tracking processes.
Key Benefits Achieved
- A thorough implementation plan that can be incorporated into existing governance documents
- Stakeholder understanding of implemented process, process ownership
Devise the benefits realization process.
- Benefits realization process incorporated into governance documentation
Establish launch dates, accountabilities, and exception handling on processes.
- Actionable plan to implement benefits realization process
Devise compliance monitoring and exception tracking methods on the benefits realization process.
- Reporting processes to ensure the successful delivery of the improved governance process
Module 3: Ensure an Accurate Reference of Value
- Implement a process to ensure that business value drivers remain current to the organization.
Key Benefits Achieved
- Align IT with the business and business to its environment
Determine regular review cycle to reassess business value drivers.
- Agenda and tools to assess the business context to verify the accuracy of value
Determine the trigger events that may cause off-cycle revisits to value.
- List of possible trigger events specific to your organization
Devise compliance monitoring on value definition.
- Reporting processes to ensure the continuous adherence to the business value definition