Article Summary
Anne Evans’ article “Avoid These 10 Benchmarking Errors” gives excellent insight into the frequent blunders that firms make while undertaking benchmarking activities. It is the process of comparing a company’s performance or operations to those of other companies in order to find best practices and areas for development (Evans, 2014).
While benchmarking studies may be a useful tool for firms wanting to enhance their performance, there are some traps to avoid. Evans examines 10 frequent mistakes that businesses make while undertaking benchmarking studies and offers suggestions on how to prevent them in this article. By learning from these blunders, organizations may guarantee that their efforts are effective and lead to substantial changes in their operations.
Execution Fails
One of the essential mistakes to avoid after reading the article is Mistake #9, which is failing to execute the findings. This is a critical error since benchmarking is a process designed to discover areas for improvement, and neglecting to act on the results can negate the process’s usefulness (Berezin, 2020). When a business invests time and money in this activity but fails to act on the results, team members might get frustrated and disillusioned. It communicates the sense that the company is uninterested in improving, and it might cause team members to lose faith in the process. Furthermore, failure to act on the data may result in missed opportunities for development and advancement, putting the business at a competitive disadvantage.
How to Avoid Execution Fails
To avoid making this error, companies must have a clear plan in place for how they will respond to the outcomes of their benchmarking activities. This strategy should include specific activities to be performed, implementation deadlines, and designated personnel in charge of carrying out the plan. Organizations may demonstrate their commitment to continuous improvement and position themselves for success by taking a proactive approach to act on findings.
References
Berezin, A. (2020). Benchmarking as a foundation of the future economy. Cambridge Scholars Publisher.
Evans, A. (2014). Avoid these ten benchmarking mistakes. VolResource. Web.