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Considering the fast emerging markets of nowadays, companies are constantly focusing on how to produce higher qualitative products, with less costs, and in a shorter period of time. Hence, organizations have started to focus increasingly more on product development processes.
After revolutionizing the world of baseball, Billy Beane, the General Manager of Oakland Athletics, who inspired the book and the Oscar-nominated movie “Moneyball,” has now accepted to become an advisor for the Dutch football club AZ Alkmaar.
All organizations, from big to small, undergo fundamental changes at some point of their existence. What drives companies to put themselves at risk is the determination to cope better with new demands and challenges of the market environment. The expected outcome is for them to climb higher on the staircase of success. However, too often, the obtained outcome is a period of utter chaos, governed by confusion and financial losses, with little or no gain in return.
Most companies have no formal outsourcing process and make short-term decisions based on cost-reduction, and risk mitigation, rather than securing added value alongside continuous improvement. In spite of the intense research activities, there are few frameworks depicting the actual stages and the layout of the overall process of outsourcing.
Benchmarking, or learning from best practices, can boost a company’s performance by enabling a learning experience that relies on underlining the best in-class practices and their integration into your own organizational processes. Moreover, benchmarking allows companies to focus on strengths and weaknesses in comparison to those of their main competitors and, as such, it supports them in strengthening their position on the market. Nowadays, benchmarking is one of the most frequently used strategies for improving business performance.
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