Can benchmarking give you a competitive edge?
Article Abstract:
Benchmarking can help companies identify weaknesses in their operations and therefore implement corrective measures to improve their quality, productivity and competitiveness. This process entails measuring financial and operational performance against that of a competitor, be it internal or external. Internal benchmarking involves comparing the performances of an organization's various departments, while external benchmarking involves comparison of a company's performance against that of other companies. Benchmarking is generally comprised of four steps: analysis of organizational processes, practices, procedures and performance, and formulation of goals and objectives; selection of benchmarks; collection and dissemination of information on the benchmark's practices and procedures; and analysis of collected data to identify the benchmarked practices and procedures that can be adopted.
Publication Name: Management Accounting (USA)
Subject: Business, general
ISSN: 0025-1690
Year: 1997
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Enterprise performance management
Article Abstract:
Enterprise performance management (ERM) is a special class of analytical solution designed specifically for assessing business performance. It enables business enterprises to align business strategy and objectives with the overall organizational performance by allowing them to quantify, analyze and optimize business outcomes. ERM systems, which are compatible with other enterprise applications, promote organization-wide information-sharing and can accommodate thousands of users in distributed computing and geographical environments. They should also be able to cope with massive amounts of heterogeneous data. Several factors should be considered when evaluating ERM solutions, including their best-in-class functionality, architecture for company-wide implementation, open integration with enterprise data sources, and flexibility and openness to customization.
Publication Name: Management Accounting (USA)
Subject: Business, general
ISSN: 0025-1690
Year: 1998
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