Benchmarking is an essential business concept. Although benchmarking is the #1 most utilized global management tool, most companies actually fail to use it to their full advantage. There are many different ways to use benchmarks. Some of these are depicted in the chart below.
Best practice benchmarking is the process of seeking out & studying the best internal and external practices that produce superior performance in organizations. There are many benefits associated with benchmarking, including:
- Improve of operational efficiency
- Assist attainment of goals
- Create ‘best-in-class’ performance
- Build a roadmap for success by using proven best practices
- Avoid pitfalls
CEO of Best Practices, LLC, Chris Bogan’s best-selling book, “Benchmarking for Best Practices: Winning through Innovative Adaptation”, describes benchmarking as the “blueprint for innovation and breakthrough performance improvements.” In chapter 1 Bogan states, “There’s a simple litmus test to determine benchmarking’s applicability to your organization. Ask yourself: Can my organization afford to stop improving? Can it afford to stop learning? Can it afford to stop competing for its position in the marketplace?”
Benchmarking is a cornerstone of quality-improvement within an organization. Learning the documented strategies and tactics employed by top-performing companies (aka the “best practices”) can significantly increase a company’s profitability and efficiency.
So How Can Best Practices, LLC Help You With Benchmarking?
Using our Best Practice Blueprints for Excellence methodology, Best Practices’ analysts can first help our clients to assess their existing processes and performance systems. We then work with you to prioritize the top issues and areas that will have the greatest economic and operational benefit for your company.
We then work to capture the best practices of leading companies from a variety of sources. This information is based on interviews, surveys, and other mechanisms of “primary” research – information unavailable in the public sector. Other research is distilled from secondary research — books, magazines, libraries, Internet, and other public-domain resources. This ensures that the research is not simply rehashing or republishing press releases and articles.
By closely working with the client, Best Practices, LLC can identify improvement opportunities and make recommendations to address each opportunity.
To learn more about Best Practices, LLC & how benchmarking can help you & your organization, check out our website!