Performance Metrics & Benchmarking
What gets measured gets done, period. How well are you performing compared to last year, or to your competition or peers? Are your operations improving, stagnant, or getting worse? Do your employees know what is important? Do they know where to focus their attention?
Unless you have and continually measure your key performance metrics in a systematic fashion, you may not know the answer to any of these critical questions. Knowing the answers to these questions is crucial. These answers are the navigational aids that put your organization on course to increased quality, performance, and competitive advantage.
Performance metrics and benchmarking are the management tools used for continuous self-improvement. Typically, internal and external comparisons involving all facets of the organization, ranging from products to services to organizational practices, form the basis of the benchmarking process. You achieve the greatest benefit from benchmarking when you include a representative sampling of exemplary organizations from across the entire business spectrum in your comparative matrix. The comparisons should not be aimed solely at direct competitors but ultimately at organizations renowned as market leaders. There are five important benefits of benchmarking which include the following:
- Meeting customer requirements
- Establishing goals based on a broadened view of external conditions
- Determining “The Best” measures of productivity
- Attaining and maintain a competitive position
- Striving to achieve “Best Practices” outside of your industry
Additional steps utilized by Romanyk Consulting Corp., while teaming up with our clientele on performance metrics and benchmarking solutions include the following keys to “Best in Class” performance:
- “What gets measured gets done!”
- Measure everyone
- Measure performance daily
- Adjust staffing inter-shift
- Paralysis Analysis
- KISS Principle – (Keep It Super Simple)
- Too many indicators lessens the impact and increases confusion
- Too many indicators increases work effort
- Institutionalize Performance
- Incentivize performance
- Take actions daily
Our team can help analyze, establish, and implement performance metrics and benchmarking solutions. Our solutions align and support the goals as well as direction desired of your organization.