By now, you may have already explored the features of Focus HQ and how it can help you manage your Project and data. We really hope you’re enjoying your experience so far.
Today we’re going to discuss the values your organization can obtain by implementing a way to track and manage Project benefits.
An individual project cannot justifiably exist on its own; nor should its success be measured only by delivery performance such as on-time, on-budget, and on-scope. Its contribution to the organization's strategy, through the benefits it is delivering, is the most important success measurement not only for the project but also for the organization.
Benefits are positive changes to the performance indicators of an organization as a result of a project or a business initiative. Benefit type can be Quantitative (Financial, Percentage, Number) i.e. Revenue Increase, Cost Reduction or Qualitative (Label or Text) i.e. Regulatory compliance, Increased staff motivation. Benefits are the reasons why projects are being implemented and the value of tracking project benefits is unquestionable.
Focus HQ knows what it takes to successfully manage projects and tangible benefits. After all, a project is not closed until sign-off of actual business benefits realized.
So, what value do you get from Benefits Tracking?
Expedited Business Decisions
- Informed Actions for Under-Performing Projects
- Business Accountability
- Improved Benefit Estimation, Delivery and Validation
- Improved Organizational Performance and Learning
All benefits should contribute directly to the bottom line of an organization, and in this respect, benefits tracking will help your organization rationalize investments in a clear, structured and informative way.
In Focus HQ, you can either add benefits manually or bulk upload all your benefit items. You can create a qualitative or quantitative type of benefit, set their baseline values and manage the corresponding forecast and actual values on a monthly basis.
Benefits can be entered at project or portfolio levels in full details needed for validation with benefit owners, financial controls, or auditors - Plan, Forecast, Actual. Benefits are automatically rolled up for reporting and tracking, creating the transparency across all levels within the organization. More importantly the system does the work, and all users need to do is maintaining the benefit data.
Here is a video on Benefit Tracking in Focus HQ:
To learn more on how to create a benefit item, please check this video:
To Import Benefit Items in a CSV file, you can check this video below:
Please also visit the Focus HQ Support Portal for more details:
Start exploring Focus HQ’s Benefits Tracking feature now and have your first Benefit Item created.
If you have any other questions, you can reach out to us via the Focus HQ Help or send us an email to support@focushq.com. We’ll be happy to guide you in navigating through these and provide other valuable support links when needed.