If you ask ChatGPT, "What frameworks overlap with Benefits Realisation Management (BRM)?" you’ll find several approaches that focus on achieving strategic goals, maximising value, and aligning investments. These frameworks include Outcome Management, Value Management, Agile, Project and Programme Management Standards, Balanced Scorecard, OKRs, and Portfolio Management.
What sets Wovex apart is its ability to seamlessly integrate and support all these frameworks, enabling organisations to streamline processes and achieve results faster. Here's how Wovex empowers each framework:
1. Benefits / Outcome Management
Focus: Tracking and achieving strategic outcomes beyond benefits.
Wovex supports Outcome Management by:
Mapping initiatives to outcomes: Visualise how activities drive strategic goals.
Tracking outcomes in real-time: Dashboards and reports ensure progress stays on track.
Defining Value Agreements: Set clear expectations and measure progress over time, aligning stakeholders on key goals.
Automated reporting: Track benefits realisation at the portfolio level with up-to-date insights.
2. Value Management
Focus: Maximising value from investments with cost-value optimisation.
Wovex enhances Value Management by:
Automated financial calculations: ROI, NPV, and Benefit-Cost Ratios are instantly generated.
Scenario planning: Compare investment options side-by-side for resource optimisation.
Prioritisation tools: Identify high-value initiatives to ensure resources are allocated effectively.
3. Agile Frameworks (SAFe, Scrum, LeSS)
Focus: Delivering value iteratively with adaptability.
Wovex aligns with Agile by:
Tracking incremental value delivery: Monitor benefits delivered during sprints.
Flexible mapping tools: Adjust maps dynamically as priorities evolve.
Real-time collaboration: Teams can work simultaneously on maps, fostering alignment in fast-paced environments.
Integration with Agile metrics: Link Agile measures like velocity to overarching benefits and outcomes.
4. Project and Program Management Standards (PRINCE2, PMBOK)
Focus: Managing projects and programs with structured governance.
Wovex complements these standards by:
Embedding benefits management: Integrate benefits realisation into the project lifecycle.
Standardised templates: Align activities with PMBOK and PRINCE2 principles.
Risk and dependency tracking: Ensure oversight by linking risks and dependencies to initiatives and benefits.
Tailored reporting: Generate project-specific reports for diverse stakeholders.
5. Balanced Scorecard (BSC)
Focus: Aligning organisational activities with strategic goals.
Wovex mirrors the BSC framework by:
Aligning initiatives to strategy: Map benefits and measures directly to strategic objectives.
Multi-dimensional dashboards: Track financial, customer, process, and learning metrics in one view.
Integrated KPI tracking: Link performance indicators to strategic goals for ongoing alignment.
6. OKRs (Objectives and Key Results)
Focus: Aligning measurable outcomes with team and organisational goals.
Wovex supports OKRs by:
Mapping objectives to results: Create clear connections between objectives and benefits.
Tracking progress against targets: Real-time updates ensure alignment with goals.
Team-friendly tools: Enable teams to define, measure, and adjust their contributions seamlessly.
7. Portfolio Management (MoP)
Focus: Aligning investments with strategic priorities at the portfolio level.
Wovex drives Portfolio Management by:
Portfolio-wide visibility: Monitor all projects and benefits in real-time.
Prioritisation across portfolios: Assess initiatives based on strategic alignment and value.
Automated reporting: Track benefits realisation at the portfolio level with up-to-date insights.
Scenario planning tools: Optimise portfolio composition by modeling different investment scenarios.
Which Framework Should You Emphasise First?
The framework to prioritise depends on your organisation’s focus:
For strategic alignment: Benefits/Outcome Management or Balanced Scorecard.
For value-driven decisions: Value Management or Portfolio Management.
For iterative delivery: Agile.
For project governance: PRINCE2 or PMBOK.
For goal alignment: OKRs.
Why Choose Wovex?
Wovex stands out by offering a flexible platform that supports and enhances all these frameworks. Whether you’re focusing on achieving outcomes, optimising value, or aligning activities with strategy, Wovex streamlines the journey, enabling organisations to save time, deliver clarity, and achieve measurable results.