August 2023: Understanding Benchmarking

 
This month’s question:

Have you used benchmarking data to improve your operation? If so, which data points did you find to be the most valuable? Any tips for others looking to benchmark?

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Effective Benchmarking

In this first article in a four-part series, veteran shared services director Judy Bicking shares her insights into how to best approach benchmarking and how it can benefit accounts payable. The key is in taking it a step at a time, she advises.

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Before You Benchmark

While traditional benchmarking techniques advise you to gather data from other organizations, you may want to look within your own company first. You may find that other departments have discovered valuable techniques you can also use.

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FREE WEBINAR: Benchmarking Tips & Tricks

While benchmarking is a tried-and-true method for process improvement, many organizations feel they don’t have the time or expertise to take it on. Join IOFM Managing Editor Royce Grayson Morse for this free webinar where she will discuss the principles of benchmarking and how to get some real benefits from it – without having to make it a full-time job.

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Avoiding Benchmarking Mistakes

The benchmarking process involves a deep dive into your processes, but pitfalls await. You want to gain the benefits as quickly and efficiently as possible, so it’s important to stay on task and avoid mistakes. Here are 10 things to avoid.

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