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Benchmarking

Supplier: QMI Solutions

Many companies aspire to being ‘world class’, but how do you know for sure if your company is world class, or at least on the way to becoming world class? One way to know for sure is to benchmark your company’s practices against those used by world class companies. Our benchmarking tool is used to identify strengths and weaknesses in an organisation and encourage and track continuous improvement

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Benchmarking Solutions

Are you having a successful year? Many companies gauge the success of a year based on a profit/loss analysis. Obviously this is important; because too many years in the red will see the company extinct in no time at all.

However, there are often economic, political or other circumstances that are beyond your control that could affect the degree of success your company experiences.

Reasons for successful performance are many and varied - individual staff could be driving the success, industry booms or an absence of competitors could also be contributing factors.

 Whatever the reason, unless you know what is driving your performance you cannot expect to maintain and build on your success in the long term.

The way ‘world class’ companies protect themselves from such influences, and ensure performance remains sustainable from year to year, is by having the most efficient and customer-focused practices in place.

This is because these companies realise that people-driven performance is erratic and it is process-driven performance that is long-term and more resistant to success eroding influences.

People are still important as they are the ones that are immersed in the process and are the best qualified to constantly investigate ways to improve the process and thereby increase performance.

The Practices/Performance Model measures what degree of the company’s performance is underpinned by world class practices. For example if you rate less than 60 on each, you have scope for improvement.

Companies with a high level of performance and a low practices score are ‘Vulnerable’, usually because the performance is people-driven. If the key people driving performance left, the company would undoubtedly suffer.

Companies with a high practices score and low performance score are ‘Promising’ and either have only recently implemented the new practices, or the practices implemented are not strategically linked to the core business.

Those companies that are ‘Contenders’ and score above 60 in both categories are well on the way to becoming world class. Once you are scoring above 80 in both categories, you are regarded as a world class company.

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