Improving Insight & Driving Better Performance
In today’s competitive economy, executives are faced with the difficult task of reducing operating costs while simultaneously improving performance. Managers often times turn to benchmarking as a way to understand how internal performance of products or processes measures up to competitors and best-in-class competitors’ products.
DataCede helps to identify examples of superior performance and to understand the processes and practices that drive that success. Companies then can tailor and incorporate some of these best practices into their own operations, driving better performance.
Understanding How Benchmarking Works:
- Select a product, service or product to benchmark
- Identify the key performance metrics
- Choose companies or internal areas to benchmark
- Collect data on performance and practices
- Analyze the data and identify opportunities for improvement
- Adapt and implement the best practices, setting reasonable goals and ensuring company-wide acceptance
Benchmarking is Utilized to:
- Improve Performance
- Understand Relative Cost Position
- Gain Strategic Advantage
- Increase Rate of Organizational Learning