Question

Why is Benchmarking such a important tool for Leaders?

What are some strengths of Benchmarking and some Risks?

Has your organization participated in a Benchmarking activity?

How was it presented to the staff?

Answer 1

1: Benchmarking is important for leaders to understand how their competitors performing and how their key performance indicators are. It helps in creating goals and objectives which helps strategy and the operations to perform in a better direction.

2: Strength of benchmarking are

• It helps in Developing a standardized set of processes and metrics.
• It also Enable a mindset and proper culture which helps in continuous improvement.
• Set all sort of operations and business performance expectations.
• Understanding performance gaps and fix it

Some risk are sometimes benchmarking will create over expectation from leaders and they push their resources to achieve many unrealistic targets. In addition this may disrupt the current cultural and employee to employer rapport because of additional tensions. Sometimes benchmarking will give wrong directional to the business.

3: Yes. Have participated in benchmarking activities by understanding turn around time for customer order fulfilment, customer satisfaction approaches and retention programs effectiveness, market share approach etc.

4: It was presented to staff through leaders and strategic team members in different forums. Basically it was classified into functions such as finance, marketing, sales , human resource and shop floor. Thus audience of each meeting will be able to interact and understand the benchmarking findings and provided them route map for reaching certain targets . Later on proper communication portals was enables to discuss their concerns and bridging those gap.