The challenge with how most people manage benefits information
The team at Wovex are constantly talking to people just like you.
Whether they are a portfolio manager in an Enterprise or a specialist benefits team in Government, when we ask how people are managing benefits realisation, they almost always say they face the challenges listed here.
Common Challenges
Inconsistent materials are pulled together in Word, Excel, PowerPoint or Visio.
The process is hard work because it relies on their own knowledge and experience at fighting with the tools and not everybody has access to the information they need.
More often than not a lot of people who need to be involved have not mapped, tracked or reported benefits before.
Benefit maps and data are kept separate in Excel and Visio, and nobody really knows for certain which is the latest version.
There is a lot of copying and pasting into other documents. The focus is more on simply getting documentation together, rather than helping to drive better decision-making.
The number of people involved in a process to approve and influence plans is complex and changes all the time.
To agree on measures and start tracking and reporting anything is a very slow process and inconsistent from project to project.
And last but not least, if one of the team has some expertise and is holding this process together when they leave then no one remembers how the process works and everyone starts from scratch again on the next project.
In fact, 70% of benefits management time goes into creating, capturing and formatting information, whereas only 30% of the time goes into discussions and improving decision making.
Wovex wants programmes and portfolios, change teams and organisations to focus on what will really make the most difference – helping to achieve Benefits in better ways.
This is why we built Wovex.
What Wovex offers
Wovex can save you up to 40% of your effort on each programme, because the whole process is centralised, as is the information and access. Also the responsibility to manage benefits is spread across the organisation with easier access and engagement in the data capture and resulting insights.
Wovex offers an easy approach to managing benefits, delivering greater value and meeting all your targets and Key Results.
Prove that you’re delivering value with Wovex.
Organisations are facing ever-increasing complexity combined with rapid change. In this environment, the norm for projects is constant reprioritisation and assessment. Critical to every organisations success is not only the project delivery but the outcome, the benefits that the organisation is seeking. There has never been a more important need to focus specifically on the benefits, objectives and goals.
Wovex helps leaders and managers who care about the financial and non-financial impact of multiple projects to deliver and demonstrate greater performance. Wovex allows you to justify your projects and provide evidence for the benefits that they deliver. It also helps you to drive for more benefits, earlier to get the most from every investment.
We bring our expertise in benefits realisation management to provide engaging software that can involve people from many functions in Benefits Realisation Management. Wovex is a solution that structures your benefits information and uses your own rules with automated analysis to deliver powerful insights in minutes rather than days.
Map, define, track, analyse and report on benefits in one user-firendly collaborative workspace.
Wovex supports all benefit management steps
Wovex speeds up, simplifies, integrates and clarifies the entire benefits management process without the need for additional tools. This reduces errors, effort and risk.
MAPPING. Identify and quantify business benefits using popular mapping approaches or create a variation that’s right for you. For better decisions in workshops, business cases and testing strategic alignment.
DATA CAPTURE. Define Benefits and Measures, using common Measure Packs. Quantify and capture data needed for benefits reporting in one place. Represent many areas of change and investment i.e. projects, programmes, portfolios, contracts. Manage information consistently and develop your process to involve wider teams.
INVOLVE and ENGAGE. Appraise and interrogate maps to understand connections and dependencies. Set roles and responsibilities to collect data and review reports. Present, communicate and engage audiences using different reviews and dashboards.
TRACK. Capture data easily to understand how and whether your investment is delivering benefits. Use automated forms, imports or integrations with APIs. Use standard measure calculations or create your own.
REPORT. Meet the benefit reporting needs of decision boards and leaders quickly and easily. Manage ad-hoc and regular reporting cycles with Workbooks, visualisations and governance dashboards. See automated financial and non-financial cuts of your reporting data and RAG statuses for Benefits, Measures and Initiatives all in one place. Get early warning of risk of missed targets and see when benefits are going off track.
PORTFOLIO OPTIMISATION. Understand the impact of portfolio change on forecast benefits, budget and scope and make informed decisions.
BUSINESS CASE OPTIONS. Plan using Impact Assessment or Scenarios that interactively show the impact of different sets of Initiatives in terms of financial and non-financial benefits. Understand and compare expected benefit, cost and resource needs.
Wovex allows you to make better, quicker decisions
and be more successful.
Benefits of Wovex
Less time and cost with simpler and more convenient ways to manage business benefits. Doing more with fewer resources than the current manual processes and workarounds with simplified processes and a shareable set of capabilities.
Meet benefit targets more consistently and confidently, and prove this value easily when it is delivered.
Faster reporting on benefit delivery with proven templates and no reliance on spreadsheets. Better responsiveness to time-sensitive needs, to analyse, review and manage threats to performance.
Efficient tracking with data collection from large numbers of people.
Reduced risk of poor business impact from non-delivery of benefits.
Easier decisions on which Benefits and Measures to manage/achieve and on initiatives and portfolios to optimise business value.
Data quality and integrity. One central source of business benefit information on what is planned, delivered and achieved. Informed, trusted, evidence-based, real-time benefits information.
Accountability. Build more accountability for benefits and involve everyone you need to drive benefits.
Maturity. Increase expertise with benefits realisation management with templates and best practices built-in.
What Wovex offers parts of your organisation.
Senior Executives and Directors
1. Choose projects best aligned to goals so you can be confident in delivering strategic priorities.
2. Have a centralised database of benefits so you know what is happening at your fingertips.
3. Have standard measures and processes, so you have high quality trusted information.
4. See all key financial and non-financial benefits, so you have a complete picture of the value being added.
5. Use automated checks to highlight issues early enough to resolve.
Change & Portfolio Leaders
1. Use tools to meet requests for complex benefit status updates in minutes rather than days.
2. Control access and changes with built security features to reduce worry about data.
3. Automate activities to manage the benefits of more projects with the same resources.
4. Use a centralised and integrated system, so you have a single version of the truth for benefits.
5. Visually engage people with benefits maps to agree that plans can deliver the benefits.
Benefit Managers & Leaders
1. Automate basic tasks so you can provide a faster and more value-adding service.
2. Have a stable standard process and tools, so it is easier for more people to start managing benefits.
3. Use review functionality to help more people achieve their targets and increase their participation.
4. Have more projects included, so see a more complete and valuable view of benefits.
5. Analyse benefit data and relationships to gain valuable insights with a fraction of the effort.