.....competitive business environment, benchmarking is an essential step in staying ahead of the competition while also addressing internal weaknesses and threats. Business benchmarking processes were first formalized by the Xerox Corporation in 1979 (Kelessidis, 2000). Formalized benchmarking involves picking specific performance measures or factors, analyzing competitors, comparing one's own performance on those measures with competitors, and making adjustments accordingly. However, informal benchmarking has long been a part of business operations because of the natural need for business owners to take stock of what competitors might be doing better. Some of the key purposes… Continue Reading...
that I gained from the article encompasses the challenges experienced in the development of benchmarks. To begin with, benchmarking can be delineated as an incessant methodical practice of examining the products, services and work procedures of organization that are acknowledged as signifying best practices for the main aim of improving the organization. Imperatively, this is deemed to be a fundamental element of several organizational performance systems of measurement. In actual fact, benchmarking is also beneficial in ascertaining best in class performance, which offers an approach for setting aggressive targets for enhancement, and acknowledges prospective tactics on the enhancement of performance (Pink et al., 2006).
From the article, there… Continue Reading...
the value of consulting. https://doi.org/10.1002/9781119154846.ch1
How does benchmarking add validity to organizational interventions and development programs?
Benchmarking has been defined as “a management approach for implementing best practices at best cost,” (Ettorchi-Tardy, Levif & Michel, 2012, p. e101). However, benchmarking is more broadly understood to be a way of using reliable metrics—means of providing quantitative indicators that an organization is performing at a capacity that is best in class, best in sector, or better perhaps than… Continue Reading...
main tools in the CFO’s management arsenal include strategic management, benchmarking, and change management (“Top Ten Management Tools,” n.d.). I may also rely on some of the other tools of the effective manager that we have covered in the class, such as TQM, but strategic management, benchmarking, and change management are the specific tools that apply best for my ideal position as the CFO of a major Fortune 500 company. Strategic management is one of the most central function of a CFO, someone who is entrusted with the ability to forecast risk and manage uncertainties by taking specific steps designed… Continue Reading...
and Prescott Valley areas, respectively. His methodology primarily consisted of benchmarking. In doing so he ascertained data about similar cities, areas, sporting events, and even other public assembly analysts such as Economic Research Associates (ERA) and International Coliseum Company (ICC) to influence his own findings. These would provide the framework to determine the viability of public assembly facilities in the two aforementioned areas.
In some instances, Rhoda patently failed to test the accuracy of his method. In others, he was much more diligent in doing so. A good example of the former includes his propensity for misusing data from the… Continue Reading...
more sustainable, but also your margins increase. Benchmarking against companies that focus on waste reduction is one of the areas where Patagonia can drive improvement for many years to come with respect to sustainability.
Innovation
In general, Patagonia’s approaches are not especially innovative in terms of sustainability. The company’s programs are great, but there is actually quite a bit of room for improvement. The leaders in sustainability focus on a number of different areas, and have built sustainable practices into not just the organizational culture but into everything that they do. Patagonia was certainly innovative during its… Continue Reading...
run like a business, La Piana also stressed that the NAACP must engage in benchmarking, ensuring that the newly-defined values had specific quality standards to achieve. “For each goal, the NAACP identified specific indicators it will use to gauge its progress over time using U.S. government data…stated as a measure of equity” (“NAACP,” 2018, par.1). A common roadblock that nonprofits run into is that many of the goals that they have set for themselves are intangible. But by using measures such as the number of African-Americans to graduate college versus the general United States population, there is at least some way to quantify the… Continue Reading...
ever keener on outputs and outcomes. Performance measurement frameworks such as benchmarking and the balanced score card are now utilised to inform decision making. For instance, performance measurement enables the government to evaluate the effectiveness of a given policy or initiative. Based on the findings, decisions can then be made to expand or discontinue the initiative.
Given the unique characteristics of the public sector, it is imperative to understand the factors that drive the use of performance information in decision making. In her research, Taylor (n.d.) seeks to answer this fundamental question. She postulates a number of hypotheses. First, she hypothesizes… Continue Reading...
been proven to deliver the desired results almost every time they are used. Such practices can be identified by doing benchmarking and looking into data collected by membership associations in the industry. It isn't necessary that a practice or process be adopted because it falls under this category. For a practice to be adopted, it must be consistent with the specific goals the organization is trying to achieve as well as its fundamental values (Halm, 2014).
Step 2: Implementing a Comprehensive Governance Structure
The organization's governance structure should be helping it achieve its objectives. An organization's structure can sometimes be an impediment to progress. This step will ensure that an… Continue Reading...
