2011 CofEe Club - Benefits realisation

The twenty-third meeting of CITI's Centres of Excellence Club was hosted by Legal & General in their Kingswood Offices on 9 June 2011.

The topic for the day was benefits realisation.

Thomas Docker, CofEe Club Chairman, completed the general introductions before handing over to our host who provided an insight into the heart of the Legal & General business.

First to share thoughts on the topic was Legal & General's Commercial Director.  It was clear from the presentation that the delivery of benefits is central to the success of Legal & General’s strategy and there has been a clear drive to make benefits realisation ‘the way we do things around here’. Their benefits framework ensures that accountability for the benefits is clear and benefit owners are held accountable.

CofEe Club members then moved into the first workshop, where groups looked at the challenges of measuring both financial and strategic benefits. They were provided with a case study from part of a change initiative and their focus was how they would implement a way to measure the financial and strategic benefits from having a ‘new’ executive team.

Following lunch Aviva's Head of Benefits Realisation, shared the extent of the problem of benefits realisation. Statistics observed by Sigma UK showed that in the Insurance Industry only 25% of organisations were measuring benefits, and of those only 25% observed them in line with expectations. It was also estimated that the shortfall between potential benefits and what was actually achieved in the UK was a staggering £50bn.

Nick Dobson, Principal Consultant, CITI followed with a presentation on key concepts in benefits realisation. Nick, brought home the importance of definitions and sparked a lively debate on the applicability of value measurements across public and private industries. Nick’s session was followed by a second workshop, run as a plenary by Hilary Small, Principal Consultant, CITI.

Interactive discussions and group workshop exercises took place to explore the topic. Access to all presentations, workshop outputs and papers are available to CofEe Club members via the online forum.

To register your interest in attending future CofEe Club events please contact Amanda Muscat by email amuscat@citi.co.uk or by telephoning 01908 283600.