The keys to successful benchmarking studies include:
- Clearly defined and consistently applied scope boundaries
- Clearly defined and consistently applied definitions for all data categories
- Standard approaches for the normalisation of data
- The use of recognised and meaningful measures and metrics; and when conducting comparative benchmark studies and
- The selection of appropriate peer entities (or peer services, in the case of price benchmarking) according to agreed criteria.
Our benchmarking methodology provides and rigorously applies those success keys.
Typically, when we conduct a detailed benchmark study we are engaged to examine one or more particular business or support functions and determine both the efficiency of those functions, and their effectiveness in terms of service outcomes. Efficiency measures may be limited to just cost efficiency; or extended to include measurement of personnel efficiency.
We collaborate with our clients and apply our methodology to define the data collection requirements; and then assist them as may be required to collect and refine that data. We then take the collected data, apply any normalisations which may be needed, and produce the benchmark analysis and key metrics. We then work with our clients to interpret the results, draw sensible and balanced conclusions, and identify appropriate actions.
For a more detailed description of our capability download a copy of our Capability Statement