Do you know about - Benchmarking: Learn How Benchmarking Can Benefit Your Organization
Associates Suite! Again, for I know. Ready to share new things that are useful. You and your friends.Benchmarking. It seems everyone is doing it. Unfortunately, many organizations pay top dollar for benchmarking services, receive the numbers, but fail to incorporate them into their management strategies. If you are one of the few organizations not taking advantage of a benchmarking service (or not utilizing the benchmarks you have), you are probably wondering why benchmarking is hyped as a key management tool. Why do organizations benchmark? What benefits come from benchmarking in general? How does benchmarking apply to my organization?
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We had a good read. For the benefit of yourself. Be sure to read to the end. I want you to get good knowledge from Associates Suite.As the saying goes, "If it's not being measured, it's not being managed." A benchmark is a standard by which something can be measured or judged. Without benchmarks, an organization can not measure its productivity or quality with respect to peer performance. With proper use, benchmarks can help propel an organization towards an optimally productive and effective environment. Benchmarking aids in cultural change facilitation, developing staffing standards, productivity reporting, management data set validation, cost management and performance improvement.
Most glaciers move mere inches in a day. If you have ever tried to initiate a change in your organization's culture, you may feel like you are pushing a glacier that refuses to budge. Unfortunately, the challenging economic times of the present sometimes require cultural changes in order to survive. Benchmarks from a reliable source provide the educational resources for executive change agents by introducing new management concepts and methods to professionally and technically trained managers struggling to meet today's operating requirements.
Benchmarks are a tool for the development of staffing standards. It is necessary to emphasize that benchmarks are a tool. They should not be used as the sole source for the determination of staffing standards. Rather, benchmarks provide you with a reasonable range of staffing practices, given your organization's functions and workloads. Sound benchmarks take into account the differences that separate your organization's departments from other similar organizations.
Quality benchmarks provide access to a reliable productivity reporting system. This is not a service provided by many benchmarking service providers. If you currently obtain benchmarks, check to see if this service is available to you. If not, consider switching to a service that offers a productivity reporting system as an option. To manage effectively, it is important to have a reporting system in place that measures key metrics such as actual vs. budgeted vs. peer group performance comparisons. The reports should be generated with enough frequency to allow for key management adjustments to improve productivity.
How do you know if the data you use to manage is accurate? The stunning fact is that many organizations operate with flawed management information. In fact, more than 60% of U.S. hospitals operate using flawed data. Without accurate data, benchmarks are pointless. Thorough benchmarking services analyze the company's data before performing the benchmarking process. Superior benchmarking services help resolve flaws in management information.
In order to get the most out of your benchmarks, it is vital to move past the numbers and onto variance resolution. A complete benchmarking service equips your management team with the resources to identify and prioritize variance resolution for the performance-limiting factors that drive up labor costs and impact quality. Benchmarks can and should be used as a vehicle for cost management and performance improvement.
When used properly, good benchmarks are a powerful and effective management tool. Benchmarking should be a thoughtful process, one that leads to a more productive and effective organization. If you have benchmarks (or are considering them), it is important to evaluate your benchmarking service with these key points in mind. Carefully consider your benchmarking options because not all providers offer the same types and levels of service.
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