Manage Benefits – Assessment 1

Name: Francisco Breno Lima Gurgel

Student ID: S40080221

You are required to create a benefits management plan based on the case study provided.
This template is provided for you to complete this task and you need to complete
every section in order to address the assessment criteria.

Benefits Management Plan

1. Benefits Management Plan

Benefit 1 Benefit 2

A. Benefit Title Improved customer Improved efficiency and

satisfaction profitability
Phrase the benefit with
“Improved…/Reduced…/Incre
ased…/Decreased… etc
KE – Workplace identification
and documentation of
program benefits

B. Owner: ● Name: Sarah The Head of

● List the name and Johnson Operations will be
position title of the ● Position title: responsible for
person that will be Customer Service delivering the benefit.
responsible for Manager
delivering the benefit. ● Steps to obtain Steps to obtain their
● Explain the steps you acceptance: I had a acceptance:
went through to obtain one-on-one meeting
their acceptance of with Sarah to discuss
Conducted a meeting
this. the benefits of this
with the Head of
PC2.3 Assign ownership of program and how it
Operations to explain
benefits delivery would improve
the proposed changes
customer satisfaction. I
and the potential
presented data and
benefits of improved
research on the
efficiency and
importance of customer
profitability.
satisfaction and how it

C. Detailed description:
Write a detailed
description of what the
benefit will be for the
organisation.
PE – manage benefits for a
program of work
D. Organisational
objectives:
Explain how the benefit is
aligned with the
organisational objectives.
PC1.1 Analyse benefits and
their alignment to
directly impacts the Presented a detailed
success of the plan of action and
company. Sarah was in highlighted the
agreement with the potential outcomes.
proposed plan and was Discussed the
excited to take on the responsibilities of the
responsibility of Head of Operations in
delivering this benefit. delivering the
benefits.
Addressed any
concerns and queries
raised by the Head of
Operations.
Improved customer Through disciplined
satisfaction is a benefit execution, doing the
that will have a positive basics well, and
impact on the supporting the needs
organization by of customers and
improving customer colleagues across its
loyalty, increasing core businesses, NAB
revenue and profits, aims to maintain its
and enhancing the strong performance
reputation of the and momentum. By
organization in the prioritizing cost
market. By focusing on discipline and
improving customer strengthening its
satisfaction, the NAB digital and data
will be able to retain capabilities, NAB can
existing customers and further improve
attract new ones, as efficiency and
satisfied customers are profitability, helping to
more likely to become achieve its financial
loyal customers and targets and deliver
recommend the value to its
organization to others. shareholders.
Increased customer Greater efficiency and
satisfaction, aligns with profitability, aligns with
the organizational goal the organizational
of customer focus. goals of financial
NAB's vision is to be acumen and
the leading bank trusted technology
for exceptional service, knowledge. NAB is a
and a key aspect of financial institution,
organisational objectives achieving this vision is and as such, it is
providing a positive important for the
customer experience. organization to have a
By focusing on strong understanding
increasing customer of financial
satisfaction through its management and
projects, NAB is directly accounting principles,
aligning with its goal of including budgeting,
putting the customer forecasting, and
first and meeting their financial analysis. By
needs. improving efficiency
and profitability
through its projects,
NAB is directly
aligning with its goal of
financial acumen.

In addition, technology
plays a key role in
banking, and a strong
understanding of
technology and its
application to the
banking industry is
also essential. By
adopting new
technologies that can
improve customer
experience and drive
business growth, NAB
is aligning with its goal
of technology
knowledge. By
leveraging technology
to improve efficiency
and profitability, NAB
can stay competitive
in a rapidly changing
digital landscape.

E. Measures
● Describe how you will To measure the Before changes:
measure benefits before benefits before and current operational
and after the changes. after the changes, the costs, revenue, and
● Record what will be organization will profit margins will be
measured. conduct surveys, measured.
 ● How will activities be
measured?
● Who will do the
measuring?
● Who will approve the
results?
● How long you will
measure for
● What tools are required
to measure ?
● Metric
KE – Workplace identification
and documentation of
program benefits
interviews, and focus After changes:
groups with customers operational costs,
to understand their level revenue, and profit
of satisfaction with the margins will be
products and services measured.
offered. The results will Activities will be
be recorded and measured through
analyzed to identify regular monitoring and
areas of improvement analysis of financial
and to track the reports and
progress of the operational
program. performance.
The Head of
The activities will be Operations will be
measured by tracking responsible for
key performance measuring and
indicators such as approving the results.
customer satisfaction The measurement
scores, customer period will be for the
retention rates, and duration of the
customer acquisition program.
rates. The measuring
Tools required to
will be done by a
measure include
dedicated team
financial software,
responsible for
performance
collecting and analyzing
monitoring software,
data, and the results
and project
will be approved by
management
senior management.
software.
The metric to be
The organization will achieved is a 10%
measure the benefits increase in profitability
for an extended period, within one year of
such as six months or a implementing the
year, to track the long- changes.
term impact of the
program. The tools
required to measure
include survey tools,
data analysis software,
and reporting tools.
The metric for
measuring customer
satisfaction is a
percentage increase in

F. Baseline measures:
Explain the current situation
in the organisation if you were
to apply the measure now
before starting the program.
KE – Workplace identification
and documentation of
program benefits
G. Short-term
measures:
Identify at least 1 short-term
measure to show that the
benefit is being partly realised
before or at the end of the
program.
PC1.2 Define and
communicate expected
short- and long-term benefits
and trade-offs with key
stakeholders
KE – components of different
benefit delivery models
KE – types and definition of
program benefits
KE – forecasting program
benefits realisation
customer satisfaction
scores, with a target of
at least a 10% increase
within 12 months of
implementing the
program. The results
will be monitored and
reported regularly to
ensure that the program
is on track to achieve its
goals.
Currently, our customer Currently, the
satisfaction surveys organization's
show that operational costs are
approximately 75% of high, and the profit
customers are satisfied margins are low. The
with their customer revenue generated is
service experience. not sufficient to cover
the expenses,
resulting in a negative
net income.
A short-term measure To measure the short-
that will show that the term benefit of greater
benefit is being partly efficiency and
realised is a 5% profitability, a possible
increase in the number measure could be a
of customers who rate reduction in operating
their experience as costs within the first
"very satisfied" after 3 three months of the
months of the program program. This could
implementation. be measured by
comparing the
operating costs of the
bank before and after
the implementation of
the program.
Regular audits to
monitor the progress
of the program should
be conducted monthly
 in the short term. After
the first audit, the
expected short-term
measure could be a
5% reduction in
operating costs
compared to the
baseline
measurement taken
before the program's
implementation.

In the short term,

regular audits could
be performed for a
period of six months to
track the progress of
the program. The
frequency and
duration of these
audits could be
adjusted based on the
results of each audit
and the progress
made towards
achieving the
expected benefits.

H. Long-term One long-term

measures: A long-term measure measure is to have a
Identify at least one long-term to show that the benefit positive net income at
measure to show that the has been realised is a the end of the
benefit has been realised at 10% increase in the program or after it has
the end of the program or number of customers been completed,
after it has been completed. who rate their indicating that the
experience as "very benefit of improved
PC1.2 Define and
satisfied" after 6 months efficiency and
communicate expected
of the program profitability has been
short- and long-term
implementation. fully realized.
benefits and trade-offs with
key stakeholders
KE – components of different
benefit delivery models
KE – types and definition of
program benefits
KE – forecasting program
benefits realisation

I. Enablers required: Better training for Investment in new

customer service technologies and
Provide at least 3 enablers
representatives. software to improve
that are required for the
changes to be implemented Streamlined operational efficiency.
e.g. tools, processes, processes for Revision of policies
policies, physical assets like a resolving and processes to
building. customer ensure optimal
inquiries. workflow.
PE – manage benefits for a
program of work Improved Training and
technology for development
tracking programs to upskill
customer employees and
interactions. improve their
productivity.

J. Program One key deliverable The development and

Management
Approach:
Explain how one key
deliverable from your
program will contribute to the
benefit.
KE – Relationship between
program delivery and benefits
realisation approaches
from this program is the implementation of a
training of all customer new workflow and
service representatives operational system will
on the updated contribute to the
customer service benefit of improved
processes and efficiency and
technology. This will profitability.
ensure that they are
equipped with the skills
and tools necessary to
provide better customer
service and improve
customer satisfaction.

K. Risks: Resistance from Resistance to change

Explain two risks that could customer service from employees and
reduce or stop the benefit representatives to management.
from being realised. change. Inadequate investment in
KE – Workplace identification Technical difficulties new technologies and
and documentation of with the new software to support the
program benefits technology. changes.
 2. Explain how you worked with stakeholders to develop the benefits management plan
including:
● List the stakeholders (name and position title) that you have communicated with
in developing the benefits management plan.
● Explain the steps you went through to gain their agreement.
● Explain the steps in your negotiation with the stakeholders on the approaches for
delivering the benefits.

To develop the benefits management plan, I worked with the following stakeholders:

Head of Operations - responsible for delivering the benefits

Finance Manager - responsible for measuring financial performance

IT Manager - responsible for implementing new technologies and software

Customer Service Manager - responsible for ensuring customer satisfaction

The steps I went through to gain their agreement are as follows:

Conducted individual meetings with each stakeholder to discuss the proposed benefits and
gain their input and feedback.

Presented a detailed plan of action and highlighted the potential outcomes to each
stakeholder.

Addressed any concerns and queries raised by the stakeholders.

Gathered their agreement and approval for the benefits management plan.

The steps in my negotiation with the stakeholders on the approaches for delivering the
benefits are as follows:

Presented various approaches for delivering the benefits, such as investing in new
technologies, revising policies and processes, and providing training and development
programs.

Discussed the pros and cons of each approach with the stakeholders and solicited their input
and feedback.

Negotiated and agreed upon the most suitable approach for delivering the benefits based on
the stakeholders' input and feedback.
Developed a detailed plan of action for implementing the chosen approach, which was
approved by the stakeholders.

Overall, working closely with the stakeholders was essential to the success of developing the
benefits management plan. By engaging with them in a collaborative and consultative
manner, we were able to develop a plan that was feasible, effective, and aligned with the
organization's objectives.

3. Explain what criteria you will use to rate the benefits in order of priority.

To rank the benefits of increased customer satisfaction and increased efficiency and
profitability, the following criteria could be considered:

Alignment with NAB's strategic objectives: The benefit that is more aligned with NAB's
strategic objectives will have a higher priority. For example, if NAB's current priority is to
enhance customer experience, then increased customer satisfaction would have a higher
priority.

Potential impact on the organization: The benefit that has a higher potential impact on the
organization, in terms of revenue, cost savings, or market share, would have a higher
priority. For example, if increased efficiency and profitability could result in significant cost
savings for NAB, then it would have a higher priority.

Feasibility of implementation: The benefit that is easier to implement and has a higher
likelihood of success would have a higher priority. For example, if implementing a new
technology to improve customer satisfaction is more feasible than restructuring the
organization to increase efficiency, then the former would have a higher priority.

These criteria are linked to the three projects outlined:

Financial acumen: Increased efficiency and profitability is closely linked to NAB's financial
acumen project. Therefore, potential impact on the organization and feasibility of
implementation would be important criteria for ranking this benefit.

Customer focus: Increased customer satisfaction is closely linked to NAB's customer focus
project. Therefore, alignment with NAB's strategic objectives and potential impact on the
organization would be important criteria for ranking this benefit.

Technology savvy: Both increased efficiency and profitability and increased customer
satisfaction can be achieved through adopting new technologies. Therefore, feasibility of
implementation would be an important criteria for ranking the benefits related to technology
knowledge.

4. Explain two techniques you used to analyse and make decisions in assessing the
potential benefits in your benefits management plan.
 Two techniques that can be used to analyze and make decisions in assessing the potential
benefits in a benefits management plan are:

Cost-Benefit Analysis: This technique involves comparing the costs associated with
implementing a change to the expected benefits. This helps to determine the overall value of
a potential benefit and whether it is worth pursuing. The cost-benefit analysis takes into
account both tangible and intangible benefits and assigns a monetary value to each.

Multi-Criteria Decision Making (MCDA): MCDA is a decision-making tool that helps to

prioritize benefits by considering multiple criteria. This technique can be used to weigh the
potential benefits against each other and identify which benefits are most important to the
organization. This can be done through a variety of methods such as weighted scoring,
paired comparison analysis, or decision matrix analysis.