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In 1996 Ward et al reported the results of their UK study into the state of practice in evaluating and realizing benefits from IS/IT investments. This paper presents new empirical evidence from a survey performed in the Benelux and the UK on the state of practice in managing benefits from IS/IT investments. The paper revisits the background and concepts of the benefits management process model introduced by Ward et al, assesses the current state of practice, and compares it to ten years ago. The results show some positive evolutions in the adoption of formal methodologies and certain structured practices. Nevertheless, the results point towards ample room for improvement for most organizations. The findings also support the claims of the benefits management process model that organizations which are more successful at delivering benefits from their IS/IT investment projects are more likely to have a comprehensive approach to managing benefits from them.