Process Benchmarking Paves the Way to Process Improvement
To gain or maintain a competitive edge in a volatile business environment, organizations strive to improve the efficiency and effectiveness of their internal processes. Process benchmarking can be an instrumental part of a successful process improvement program. Process benchmarking offers many benefits to organizations seeking better operational performance, including:
- A process benchmarking exercise often leads an organization to more clearly understand and articulate its current processes, giving the organization a better grasp of its starting point as it considers potential change initiatives.
- Process benchmarking shows an organization how it rates in operational performance compared to peers and industry leaders, and highlights the areas that have the greatest potential for near-term and long-term process improvement.
- A process benchmarking exercise yields empirical data that can be invaluable in justifying a resource request or in building a powerful business case for process improvement initiatives.
The Hackett Group provides expert process benchmarking services
The Hackett Group®, a global strategic and operations consulting firm, offers unparalleled experience and expertise in process benchmarking across the enterprise. Our process benchmarking services, along with our advisory and consulting services, are designed to help our clients achieve tangible, measurable improvements in their operational efficiency and effectiveness. Several exclusive features set The Hackett Group’s business benchmarking services apart from our competitors’ offerings:
- Customized web portals and data-validation tools that help the client to quickly and efficiently collect appropriate baseline data.
- The Hackett Group’s comprehensive best practices benchmarking database, developed through more than 25,000 benchmarking engagements conducted with nearly 8,800 major companies around the world, including 97% of the Dow Jones Industrials, 93% of the Fortune 100, 73% of the DAX 40 and 52% of the FTSE 100.
- The Hackett Value Grid™, which places your own process benchmarking results in the context of industry peers and world class performers. The Hackett Group designates as “world class” performers those organizations that have ranked in the top quartile of benchmarking results in both efficiency and effectiveness measures. The Hackett Value Grid shows you how your processes compare against those of world-class performance, and your Hackett process benchmarking report will pinpoint your best opportunities for near-term and long-term performance gains.
- Hackett-Certified® Best Practices. The Hackett Group has identified more than 2,000 best practices across nearly 100 process areas that have been empirically shown to drive world-class operational performance. The Hackett Group supplements its best practices library with implementation guidelines that highlight the prerequisites, risk factors, and risk mitigation tactics associated with particular best practices to accelerate your performance improvement journey.
To learn more about our process benchmarking services, as well as our solutions for specific business needs such as finance outsourcing, supply chain strategy, HR metrics, IT costs management and more, contact us.