What happens after my EAM software has been implemented? How do I get the most out of my software investment?
The purpose of benefit realization is to maximize the actual return on investment (ROI) of your recently implemented software. Benefit realization consists of three main actions: identify, execute, and sustain.
Identify
Define KPIs and quantitative measures to track benefits, such as:
- Overdue PM Work Orders
- PM Compliance Percentage
- PM Work Percentage
- Average Response Time
- Breakdown Work Percentage
- Weeks of Backlog
- Inventory Value
- Inventory Turns
- Percent Inactive Stock
- Percent of Single-Line POs
- Percent of Non-Stock PO Lines
Execute
Ensure that key stakeholders and system users have a good understanding of the organization’s objectives. Progress and metrics should be regularly reviewed and communicated to the team to establish alignment and cadence.
Sustain
Monitor and measure benefits performance and reporting results via performance metrics/analytics. System users could use the data from the metrics to develop future initiatives to address operational needs.
Benefit realization is a shared responsibility between client and consultant. We are here to guide your benefit realization actions to move your business forward.