Benefits Realization a Key IT Challenge for Fortune 1000 companies

A study by Planview (a provider of IT Portfolio Management solutions) found that Fortune 1000 Companies Say Benefits Realization a Key IT Challenge. Some points to note from the study when you are looking at Benefits realization in your organization. I found a number of parallels with some of the clients/projects I have worked with/on:

- 90 percent said prioritizing projects to align with business strategies and quantifiably measuring and reporting the benefits of those projects were their most pressing initiatives. Accountability is leading to real cultural changes in IT organizations

- Benefits realization is a key component to the clear communication of IT's contribution to the overall objectives of the organization. It begins with the strategic initiative and is reviewed in a disciplined cycle through funding, project definition and execution and product or service deployment to provable benefit realized.

- Seventy-seven percent of respondents stated that IT project benefits are identified at the outset of a project but not at the strategic level and seldom is evaluated during or after project completion. This is the number one problem at the client I am currently working with!

- Implementing a successful benefits realization process includes creating an atmosphere of acceptance throughout the organization so that every project initiator understands the importance and benefit of determining ultimate ROI for the business. The organization should continue to measure benefits long after the IT development work is complete, and that standard metrics are in place and consistently used by every line of business.

Further details on the study can be found at planview.com