In “Benefits Management – Delivering Value from IS & IT Investments,” Ward and Daniels (2006) provide a framework for benefits management that helps organizations identify, quantify, and realize the benefits of their information systems (IS) and information technology (IT) investments. The authors argue that benefits management is critical to ensuring that IS and IT investments deliver value to the organization and are aligned with business objectives.
The paper’s fifth chapter focuses on the benefits realization phase of the benefits management framework, which involves implementing, monitoring, and measuring the benefits of the IS and IT investment. The authors emphasize that benefits realization should be an ongoing process that involves the entire organization, including IT staff, business users, and senior management.
The chapter outlines a six-step process for benefits realization, which includes:
- Establishing benefits realization responsibilities: Assigning clear responsibilities for benefits realization and ensuring that all stakeholders are aware of their roles.
- Developing a benefits realization plan: Creating a detailed plan that outlines how benefits will be measured, who will be responsible for measuring them, and when they will be measured.
- Implementing the benefits realization plan: Executing the plan and ensuring that the necessary resources and capabilities are in place to measure the benefits.
- Measuring benefits: Measuring and tracking the benefits of the IS and IT investment, using appropriate metrics and tools.
- Reporting benefits: Reporting the benefits to stakeholders and decision-makers, including clear and concise information about the benefits realized and any issues that arise.
- Reaping the rewards: Ensuring that the benefits of the IS and IT investment are fully realized and that the organization continues to reap the rewards.
The authors stress the importance of ongoing monitoring and evaluation of benefits to ensure that they remain aligned with changing business needs and objectives. They also emphasize the need for clear and open communication between IT and business stakeholders to ensure that the benefits of the IS and IT investment are understood and appreciated by all parties.
Overall, the authors’ benefits management framework provides a practical and comprehensive approach to realizing the benefits of IS and IT investments, ensuring that they deliver value to the organization and support business objectives.