Business Process Benchmarks and Benchmarking Best Practices
Benchmarking is a Powerful Tool for Ongoing Process Improvement
This capability overview and research excerpt begins with a timeline for the evolution of benchmarking tools and process improvement methods. Citing Bain and Company research, it also provides an overview of the use of and satisfaction with various management tools, including benchmarking. Benchmarking has seen a steady increase in usage and satisfaction since 2002.
This overview provides insights into process improvement benchmarks, benchmarking best practices, sample Best Practices, LLC research, and benchmarking case studies, including:
Best Practices in Benchmarking
- Savvy managers use benchmarking to inform daily (thousand dollar), process improvement (million dollar), and strategic (billion dollar) decisions.
- Matching the type of benchmarking to the maturity and intensity required to meet business objectives is key, e.g., in early stages of deployment internal best practice identification and replication initiatives are most appropriate to gain stakeholder by-in and co-opt the "not invented here" syndrome that can accompany external benchmarking initiatives.
- Linking benchmarking to Hoshin-Kanri (long-range strategic) plans, cascading performance scorecards, and other quality tools and systems, like Lean, Six Sigma, Baldrige, ISO, and Sarbanes Oxley accelerate process improvement.
- Competitive benchmarks are critical for long-range strategic planning and annual budgeting cycles.
- Benchmarking networks and research accelerate corporate learning as well as innovation and process improvement across all functions.
Process Improvement Benchmarks
- Cost and cycle time reduction, along with customer retention, are the most common types of projects for process improvement executives seeking to demonstrate economic value to their organizations.
- Industry-specific competitive dynamics greatly influence perception of what project types produce greatest value in a given economic period and provide ample opportunities to learn from the experience of others.
Sample Best Practices, LLC Research
- Business Process Management: Identification, Documentation & Organization
- Insights for Implementing Lean and Six Sigma and Other Productivity Platforms
Best Practice Case Studies
- Blinded Scorecard Templates: Ensuring Organizational Alignment, Process Excellence Tollgate Scorecard, and
- Blinded Hoshin-kanri, Benchmarking and Six Sigma Template
- Raytheon -
- GE Consumer Finance - Scorecarding, Lean, Six Sigma
- United Technologies - Strategic sourcing, ACE (UTC's Lean Sigma Operating System)
Industries Profiled:
Financial Services; Manufacturing; Multiple; Aerospace
Companies Profiled:
GE Consumer Finance; United Technologies; Raytheon
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