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
Question 1 Analyse the financial requirements of a FMCG company 2 If you are an investor and are interested in finding out the value of an amount of Rs 10,000 to be received


What is Net Present Value? Describe please.

Offshore Financial Center It is a location with banking facilities to accept deposits and make loans in currencies various from the currency's country of origin. Banks located

Use the excel spreadsheet to project the net income for Winnebago from assumptions about key revenue & expense items.   Use the following assumptions to evaluate the projected net

The burden of a tax is shared by producers and consumers.  Under what conditions will consumers pay most of the tax?  Under what conditions will producers pay most of it?  What det

Case Study: Volatility Trading (a) The understanding in this case study deal with Convertible as well as Reverse-Convertible bonds. These are interesting instruments by themsel

AThe Nu-Nu Brothers Inc. (NNBI) has the following capital structure, which it considers to be optional: Debt 25% Preferred Stock 15% Common Equity 60% NNBI''''s expected net incom

How exchange of principal and interest in one currency? Expalin

BASRIL PLC (a) (i) Analysis of projects assume they are divisible. Project 2 NPV at 12% = (140800 × 3·605) - 450000 = $57584 Project 2 profitability index = 5