All businesses are in a continuous search for processes and quality improvements that will eventually lead them to achieving a superior level of performance in their activity.
A benchmarking study can provide several benefits, including a set of measures for assessing the performance and a baseline from which to measure improvements. In order to achieve these, one should be aware and choose the proper method and tools for conducting the benchmarking study.
Humans are highly visual creatures. This allows for a higher understanding of data and enables managers, for example, to make quicker, smarter decisions. Looking back thousands of years, cavemen used visuals to, for instance, track time, record celebrations and other such activities.
Shifting focus from the classic Gross Domestic Product as a means for measuring a country’s success, Michael Green, renowned social progress expert and CEO of the Social Progress Imperative, suggests a tool that is more apt in measuring societal and national success, tailor-made for the 21st century.
Outsourcing can be defined as “the strategic use of outside resources to perform activities traditionally handled by internal staff and resources”. According to Griffiths D., “outsourcing is a strategy by which an organisation contracts out major functions to specialized and efficient service providers, who become valued business partners”.
Some years ago, the Google team has launched a new feature for Google Analytics, benchmarking, which is considered to be an innovative and valuable tool. Benchmarking tools allow website comparison for determining a company’s performance against similar websites, based on a set of various metrics and dimensions.
