Constantly Benchmark & Continuosly Improve
It’s important for Organizations to constantly benchmark themselves to their Competitors and the market leaders for each of their business lines. The process of benchmarking can be long drawn but its so vital to have this done consistently and continuously. The benchmarking process could uncover hidden areas of inefficiency or growth triggers that is not there in the company strategy yet.
Benchmarking exercise generally is done across both Financial and Operational levers. In addition, with the amount of technology uptake and the number of new startups emerging, it makes sense to perhaps even look at bringing such startups as well into the benchmarking exercise.
Lastly, the benchmarking exercise needs to be done yearly so that there is consistent measurement and monitoring of where the company stands. A strong Financial & Operational platform is needed to accomplish the benchmarking. We at QuarkCube work with customers in using our platform to not only bring Financial data but also operational data to facilitate the benchmarking exercise as well.
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