Enable stronger decisionmaking and raise aspiration levels at your organization by learning the best techniques for benchmarking industry competitors.
Benchmarking is gathering data and insights that enable stronger decisionmaking and operational control within an organization. It can be done both internally across a large organization as well as externally to gain visibility into what others are doing and their resulting performance. Benchmarking is an important tool for any organization as they manage evolving strategies, growth and change that is always around us.
Benchmarking mirrors the continuous improvement efforts that may already exist in an organization. It helps blend continuous improvement and breakthrough improvement into a single change management system. While benchmarking readily integrates with strategic initiatives such as continuous improvement, reengineering, and total quality management, it also delivers value to the organization on its own as a discrete process providing those insights that enable stronger management.
When an organization begins a benchmarking initiative, a common mistake is to limit the benchmarking activity to industry peers. Benchmarking industry peers are essential however, most organizations already have a good idea how their industry performs. Looking beyond your peers, competitors and industry opens up insights that can identify opportunities to gain the important edge. For breakthrough improvement, it is imperative to learn from other industries performing a similar process successfully. Learning from other organizations and using their successfully demonstrated practices, ideas, and insights reduces costs and cycle time and ultimately provides a competitive advantage in the marketplace.
Determining What and When to Benchmark
Types of Benchmarking
Determine Your Information Needs
Aligning to Strategies and Objectives
Planning Your Benchmarking Efforts
Scope the Effort
Prepare for Collection
Collect the Data
Analyzing Benchmark Data
Validate the Data
Analyze for Trends and Gaps
Adapting and Improving
Identify and Select Improvements
Link to Real-Time Controls
This live webinar is designed for accountants, controllers, presidents, vice presidents, CFOs, tax managers, financial analysts, cash managers, business owners and managers, supervisors, directors, associates, treasurers and administrative assistants.