Get Your Goals Right: Using Benchmarking In Setting Performance Targets
Source: Penton Media
Today - more than ever before - executives need to be sure they're calling the right pitch when setting their organization's strategic objectives. A custom benchmarking process offers insight into appropriate, realistic performance goals. Business leaders often feel their control on their business is slipping. They put in place processes and measures designed to help them manage the organization, yet they continue struggling to maintain competitive advantage. The key reason is that processes and measures sit in a vacuum unless, through benchmarking, they directly compare company's performance with what competitors are doing. Without a clear view of how it compares with external entities, an organization may suffer from tunnel vision and thereby lose focus on the measures that matter most to its customers and stakeholders.