Turning projects into real value: Lessons in benefits realisation
When we think of the definition of successful projects, it’s easy to focus on the traditional ‘iron triangle’ of project management – delivering to scope, hitting timelines, and staying within budget. But the latest thinking from both industry research and progressive PMOs, indicates that none of this truly matters if the project doesn’t create real, measurable value for the organisation.
In a recent report from the Project Management Institute, conducted with thousands of participants globally, a new definition for project success was articulated: Successful projects are those where the delivered value was worth the effort and expense.1
This is where benefits realisation comes into play and it’s more than a buzzword. It’s a discipline that focuses our efforts on “moving the needle” for our organisations, elevating the role of the PMO as a driver of value realisation, rather than as an administrative function.
In a recent session led by Kirk McVean, Sensei PPM Consultant, we explored practical, actionable ways to embed benefits management into the project lifecycle. Here are the key takeaways:
1. Assign clear benefit and cost ownership
One of the most important steps in benefits realisation is knowing who is accountable. Every benefit needs an owner, usually a senior leader accountable for achieving the outcome. Post-project costs, on the other hand, often sit with a P&L owner. These individuals must collaborate. The cost owner must approve and plan expenses impacting their budget, and the benefit owner ensures that the value is actually delivered. Business cases can represent a contract between the benefit owner and the funding group, whereby the benefit owner accepts accountability for benefit achievement if the project is approved.
2. Define benefits early and transparently
Benefits should be defined at the business case stage, including:
- What the benefit is
- Who owns it
- Who knows how to measure it (measurement owner)
- How it’s measured (units, calculation, and assumptions)
- Which P&L it affects
These details should be documented so they aren’t lost over time. Clarity now avoids confusion later and sets you up to course-correct if needed.
3. Track benefits at a realistic cadence
Benefits tracking is resource-intensive, so it’s essential to track only the most important benefits and find a cadence that works for your organisation. Many teams opt for annual tracking, though quarterly or rotational approaches can also work. The PMO typically takes over once the project closes, coordinating reminders, collecting updates, and reporting on progress. If owners don’t respond, the last forecast may be used as a placeholder, but accountability remains with them.
4. Use the data to learn and improve
Capturing benefits data isn’t just a reporting exercise, it’s a goldmine for organisational learning. Analysing which projects over- or under-delivered can improve forecasting, shape better business cases, inform effective risk management, and ultimately drive more strategic value. And when wins are realised, celebrate them! Recognise the teams behind the results and show the business the tangible impact of project delivery. Effective data capture also supports the future use of automation and AI to surface lessons learned and recommend best practice approaches based on experience within your organisation.
Conclusion
Benefits realisation is about creating a culture where value matters more than activity. It’s a shift from “delivered on time” to “delivered impact.” By assigning ownership, defining benefits clearly, tracking them realistically, and using the insights to improve, we make better decisions and earn trust across the business.
As Kirk emphasised, even small steps toward benefits maturity can drive significant impact. And with evolving technologies like AI, the opportunities for smarter, more proactive benefits management are growing.
Whether you’re just starting or looking to scale, remember: value isn’t guaranteed. It’s intentional.
Watch the on-demand session here.
- Maximizing Project Success, Project Management Institute, 2024
