Strategy Best Practices Series, #1
In the first of our series, we highlight the key takeaways from a report Boston Consulting Group did in partnership with the Project Management institute on Benefits Realization Management (BRM). Read the original report here.
TL;DR – Report Conclusion
Companies can be good at developing strategy and be good at project management, but until they link the two, they will consistently fall short of their goals. Those with mature BRM practices consistently and explicitly align individual project outcomes to larger strategic objectives.
- Managing the portfolio of projects
based on real strategic outcomes—and, specifically, value creation for the organization.
- Creating dedicated space for dialogue
among C-suite executives, business owners, and project managers right from the start of each project, to secure alignment, assess projects, and course-correct as needed.
- Establishing the right conditions for success
including setting expectations regarding required behaviors, having the right project managers in place, and senior-level sponsorship.
Improving an organization’s level of BRM maturity is a continuous process, and companies often fall short because they don’t commit to making fundamental changes in how they work.
The report makes several recommendations for quick wins and medium to longer-term actions. Many of them were heavily focused on project management best practices and not strategy, our focus. They did highlight the following:
- Develop approaches that hardwire the link between strategy and projects
- A portfolio of projects are automatically linked to strategic objectives
- Dedicated space for dialog is built-in, connecting everyone
- Right conditions are inherent and reinforced
Read the next in our Strategy Best Practices Series here.