State a process for benchmarking, Financial Management

State a process for benchmarking

1.  Gain senior management commitment to establish benchmarking as a process within the organisation and educate stakeholders and staff about the benefits. Participate and consult with staff and stakeholders.

2.  Consider benefits against the cost for each activity to be benchmarked to ensure economic or financial justification.

3.  Assign responsibilities to a team of staff for example set goals; establish BM processes and systems, checklists and documentation.

4.  Identify potential partners and known leaders.

5. Undertake the process of benchmarking for example test, measure, observe, experiment or investigate.

6.  Gather, analyse and summarise information collected and documented.

7.  Gap analysis undertaken for deficiencies identified for instance standard v actual.

8.  Implement improvement for example new programmes, processes and procedures. Education and participation encouraged by those affected, avoid being over critical for weaknesses identified. Set objectives and manage change.

9.  Monitor and repeat regularly to discourage complacency, follow up improvements implemented to ensure expected benefits are realised.

 

Posted Date: 9/3/2013 2:10:09 AM | Location : United States







Related Discussions:- State a process for benchmarking, Assignment Help, Ask Question on State a process for benchmarking, Get Answer, Expert's Help, State a process for benchmarking Discussions

Write discussion on State a process for benchmarking
Your posts are moderated
Related Questions
ESSENTIAL FEATURES OF A SOUND CAPITAL MIX A sound or an appropriate Capital structure should have the following essential features : highest possible use of leverage

The issuer offers bonds with an option to the investor to convert these bonds into equity shares at a pre-fixed ratio. These can be fully convertible bonds or partly co

Q. Changes in exchange rates? The law of one price proposed that identical goods selling in different countries should sell at the same price and that exchange rates relate the

Why does money have time value? Positive interest rates point out that money has time value.  While one person lets another borrow money, the first person needs compensation in e

Differences between Hedge Funds and Mutual Funds Hedge Funds are extremely flexible in their investment options because they use financial instruments generally beyond the reach

1. Capital Asset Pricing Model and Multinational Corporations Why do some critics say the CAPM model is not appropriate in an international setting? Please explain a way that

Global Sector Indixes Morgan Stanley Capital International (MSCI) measures the International and National performance. It launched All Country Sectors on January 30, 2001. MSCI

Interest Rates The payment borrowers make for the use of the funds that they borrow and the payment that lenders demand for the use of the funds they lend (termed interest ) w

What are some instances of restrictive covenants that might be fixed in a bond's indenture? An indenture might involve limitations on future borrowings, restrictions on dividen

Q. Illustrate the Scope of Financial Management? Financial management as an educational discipline has undergone notable changes over the years with regard to its scope of func