Benchmarking for Strategic Planning
An organisation’s goals all too often fall short of stakeholder expectations. A primary contributor to this failure is that goal setting is based upon past trends and current practices in many organisations. Organisations are often inward-looking, and the external perspective is frequently overlooked. Customer expectations are driven by the standards of the best providers in the industry and by their experiences with superior providers in other industries. Benchmarking can capture these external references to provide the basis for comparative analysis and learn from best practices. Thus benchmarking can have a direct input to the strategic planning process.
Essential to success is a well-defined process, a clear understanding of the scope of what is to be benchmarked and why along with a systematic approach that is thoroughly planned. If conducted correctly, benchmarking can contribute to the effectiveness of strategic performance management by providing information on what the best-practice organisations are already achieving. Through the establishment of evidence-based best practices, benchmarking can provide the factual foundations to enable an organisation to frame its vision, goals, and plans to realise world-class leadership.
What You’ll Learn
- Why strategic planning is driven from the corporate vision statement
- The need to establish how much change over what period of time
- The two-phase benchmarking process
- The four things management should do to close performance gaps
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