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

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