The cost of not knowing
Good decision making starts with credible data. How do you know where to focus your improvement initiatives without trustworthy information to back up your decisions? Businesses run the risk of false starts and misdirected effort by not taking the time to focus on the facts and measure the current state of their performance. The cost of not knowing can be reduced or eliminated through effective benchmarking. By using benchmarking to “know,” you open the door of opportunity for breakthrough improvement and long-term success. The majority of APQC custom benchmarking clients use benchmarking as a source of comparative benchmarks and as part of a larger, long-term improvement approach. As seen in the graph below, an organization using benchmarking gets a clear picture of how they compare to industry competitors on a specific metric:
Determine the current state of benchmarking within your organization by taking APQC's "Where are you now?" benchmarking self-assessment.
What custom benchmarking projects have we done lately?
- General Dynamics: Used benchmarking data to identify performance differences and best practices, facilitating process improvement.
- Army PEO: Identified performance metrics of key Army ammunition plant manufacturing operations based on industry benchmarks to help set targets for a management scorecard. Army used benchmarking findings to create a management model to identify industry best practices that can be used to close any potential performance gaps.
- Aerospace Organization: Conducted benchmarking to design two new processes within the organization based on best practices from a wide-range of industries. The benchmarking results allowed the organization to build a stronger business case for investment in critical areas that will result in millions of dollars in savings.
What customized benchmarking options can we offer your organization?
At APQC, we understand that your business is unique. We offer customized reporting and comparisons based on the information you need and how you need it presented. When you need more than what Open Standard Benchmarking services can provide, turn to APQC’s Custom Benchmarking Services. This information is developed using APQC’s internationally recognized benchmarking methodology.
Every custom benchmarking engagement is designed to drive action—from building a business case for change to developing the road map required to attain best-in-class performance. We provide a detailed view of metrics and best practices within a specific process and for defined peer groups. This information will help you evaluate how your organization compares with relevant peers and identify best practices that drive improved performance. Contact us to develop a custom benchmarking solution that fits your organization.