Best practices benchmarking is a valuable exercise for businesses striving to improve their operational efficiency and effectiveness across the enterprise. Best practices benchmarking can provide you with hard facts about how your operations rate and about where and by how much you can improve. The following criteria can help you select a best practices benchmarking provider to work with:
- Does the best practices benchmarking service provide you with clear guidance and time-saving tools to support the gathering of your process data, so that the exercise can be completed quickly and with minimal disruption?
- Does the best practices benchmarking provider have a benchmarking database that’s broad and deep enough to provide real perspective on your own benchmark results – one that gives you a clear sense of how you rate, compared with both peers and top performers?
- How does the provider determine what constitutes a “best practice” and is the data behind the best practices strong enough to inspire confidence that those practices are worth adopting?
- Does the provider deliver insight into how to implement specific best practices?
The Hackett Group is the Best Practices Benchmarking Leader
The Hackett Group®, a global strategic and operations consulting firm, has long been the leader in best practice benchmarking. We provide best practices benchmarking services that drive measurable performance improvements for our clients:
- We support our clients with customized portals and data-validation tools that facilitate the gathering of data about the clients’ current processes.
- We place our clients’ benchmark data in the rich context of the world’s most comprehensive benchmarking database. The Hackett Group’s proprietary benchmarking database captures the accumulated results of more than 23,200 benchmarking engagements conducted with nearly 8,425 major companies around the world, including 97% of the Dow Jones Industrials, 94% of the Fortune 100 and 70% of the DAX 30.
- We identify business best practices as those empirically proven to correlate consistently with “world class” operational performance, with world class defined as top quartile performance in both efficiency and effectiveness process metrics. The Hackett Group spotlights the gaps between your current performance and the performance of world-class organizations, and identifies the best practices that can help you close those performance gaps.
- In addition to identifying proven best practices, The Hackett Group delivers insight into how to implement specific practices, with special attention to prerequisites, enablers, risk factors, and risk mitigation techniques.
Insights from The Hackett Group’s comprehensive best practices benchmarking database are available to our executive advisory clients as well as our benchmarking services clients, and the database provides empirical evidence that drives our consulting services across such areas as strategic sourcing, global business services design, outsourcing consulting and more.
To learn more about The Hackett Group’s best practices benchmarking services or our other services and solutions, contact us.