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What gets measured gets done, period. How well are you performing compared to last year or your competition? Is your organization improving or getting worse? How do your employees know what is important?
Unless you measure your key performance metrics you may not know the answer to any of these critical organizational questions. However, these questions are crucial and allow your company to increase quality, performance, and competitive advantage.
"Benchmarking is the continuous process of measuring products, services, and practices against the toughest competitors or those companies recognized as industry leaders"- David T. Kearns, CEO Xerox Corporation
Benchmarking is a management tool that should be exercised as the basis for continuous, self-improvement. Both internal and external comparisons should be used and applied to all facets of a business ranging from products, to services, to company practices. The comparisons should not be aimed solely at direct competitors but ultimately at companies renowned as industry leaders.
Five Important Benefits of Benchmarking include:
- Meeting customer requirements
- Establish goals based on a broadened view of external conditions
- Determine "The Best" measures of productivity
- Attain and maintain a competitive position
- Strive to achieve "Best Practices" outside of your industry
Additional steps utilized by RCC while teaming up with our clientele include the following keys to "Best in Class" Performance:
- "What gets measured gets done!"
- Measure everyone
- Measure performance daily
- Adjust staffing inter-shift
- Paralysis Analysis
- KISS Principle - (Keep It Super Simple)
- Too many indicators lessens the impact and increases confusion
- Too many indicators increases work effort
- Institutionalize Performance
- Incentivize performance
- Take actions daily
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