Your investment project is finished, what next? Do you intend to move on to the following one? Do not start partying yet, though, because even though your project is finished, the process is not.
According to studies, an investment is most productive once the proper post review process has been conducted. Reviewing the procedures used to execute a project after it has been finished is essential if you want to learn from them and reap their benefits in the future. The project does not end once an investment is approved, as many people believe. Although you oversee the processes that happen during the investment, it is crucial to pay attention to the entire scope of it from beginning to end.
After an investment has been approved, a key document called a post implementation review is created. The primary purposes of the review and reconciliation are to determine whether the investment’s objectives have been reached, to evaluate the effectiveness of the investment, and to document any lessons learned and gains made.
Let us look at 3 key factors of a post investment review and how its role in the project can help you keep traction in the post investment stage.
Metrics & measurements
You can reflect on the benefits received during the post-investment period, which helps to quantify and identify the investment’s key performance indicators. This provides you the ability to identify the benefits that have been realized using actual data. Your team can compare what was intended with the benefits that have been realized during this stage of the investment evaluation process.
2. Documentation
It is beneficial to transfer written processes for evaluation to aid in the project’s implementation. It is simpler to reduce potential hazards because the post-investment phase includes elements that are examined and approved. At this point, it is possible to discuss who will oversee and accountable for the modifications made to business operations because of the investment.
3. Lessons learned
With any investment, satisfying conclusions have value in terms of the lessons they teach. The post-investment period is where management effectiveness is most evident, considering all duties and tasks completed and the fact that each investment is unique. Additionally, post-investment review meetings can serve as a useful forum for teams to exchange perspectives on the positives and negatives of other investment prospects.
The successful completion of the full investment process is crucial for success. This highlights the significance of the post-investment evaluation phase, even at an early stage. “Completing an investment” is not the same thing as finishing it when we take a bird’s-eye view of the process. Its completion does not guarantee that we will gain from its results. To make better investments going forward, our team and stakeholders can identify successes and areas for improvement when we thoroughly examine our investments.
Ask us about our PIR all part of the CapEx360™ Software.
