Benefit tracking is a critical element of performance management. With rigorous and continuous monitoring of how improvement actions translate into value, performance management gains enormous credibility and increases impact.
Benefit tracking is a skilled activity that combines functional expertise and business knowledge to asses' tangible and intangible elements of benefits. It requires detailed understanding of input feed, output processing and correct calculation steps to measure improvement. Benefits must be independently and financially auditable, should be tracked against a defined target and communicated to interested stakeholders periodically. In our experience, clients do start benefit tracking but find hard to maintain it on their own due to gaps in resources, knowledge and tools required to do it right.
At Saibsolutions, we use a proven methodology to systematically deal with the challenges associated with benefit tracking by ensuring the following:
- Define and agree a clear rationale for tangible and intangible components of benefits and confirm how they are generated at granular level
- Conduct rigorous modelling to quantify benefit value in explicit financial terms and define targets
- Design and implement a customised tracking tool that enables continuous measurement and reporting of realised benefits vis-a-vis target
- Map granular data to financial ledgers so that realised benefits always remain traceable and can be verified by internal and external auditors
Our benefit tracking solutions provide clients the confidence to forecast benefits and transfer value to their company's P&L, balance sheet and cash flow statements. This is our USP.
Saibsolutions benefit tracking solutions are tailored to client specific requirements. We cover all major functional areas including procurement, supply chain, manufacturing, finance, customer service, sales and marketing. Please contact us today at firstname.lastname@example.org to discuss how we can help maximise benefits delivery on your projects regardless of scale, size and complexity.
The following illustrative diagram provides an example of how we track procurement benefits e.g. cost savings from supply contracts: