Getting Results through Benchmarking

Once you have demonstrated the value of what benchmarking can do for your organization, and you get out there and make your assessments, you then have to take the big step of actually implementing a strategy based on your results. Lindsey D. writes about the most efficient way to get an implementation strategy off the ground.

Nail the Landing

First ensure that the findings of your benchmarking are actionable items. These actions should directly improve the state of a company and align with organizational goals. Once this has been established, get executive buy-in on a concrete implementation plan that uses these finalized action items. These sorts of items can include many things, as Lindsey D. explains:

The recommendations established in a benchmark may include a variety of solutions to help improve profitability and streamline processes. Recommendations may include direct negotiations with current providers to improve pricing, contract terms, resource allocation, supplier consolidation, or the results may indicate that based on current market conditions a full sourcing event is warranted. The results and recommendations from a benchmark need to be presented in a way that is clear, concise, and motivating to a company to gain consensus and move forward with the strategy.

You will want to set in place a clear timeline for actions, as well as who is responsible for seeing them through. That being said, it is up to you to make sure the schedule is proceeding according to plan by monitoring progress. It is a team effort.

On that note, even if benchmarking will only ostensibly affect one department, finding buy-in from executives across the organization will help you find places to unlock additional value and positive financial impacts elsewhere in the company. As long as you keep measuring to ensure your strategy is having the predicted level of impact, you are good to go. For more, you can read the full article here:

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One Comment

  1. Start comparing your results with SurveyMonkey Benchmarks. We update our benchmarks quarterly so they will stay fresh, and help you understand how responses are changing over time.