December 10, 2004—Benchmarking ranks second among management tools used by executives to enhance the efficiency and productivity of their companies, according to a strategy consulting firm. In fact, Dow Chemical implemented a best practice knowledge management program that saved more than $1 million in its first 18 months, as found by Best Practices, LLC.
Best Practices’s research includes performance metrics, as well as strategies and tactics of Fortune 500 companies.
Sample best practices are available online.
Some of the most prominent names in corporate history have benefited from benchmarking:
- Marriott gained a 500% improvement in its guest check-in service process by benchmarking the patient admittance process used in hospital emergency rooms.
- Southwest Airlines saved millions of dollars a year and was able to put more aircraft in the air while reducing the number on the ground by benchmarking Indy 500 pit crews.
- Lucent Technologies identified best individual engineer practices that boosted productivity levels by 10 percent in eight months and yielded six times the ROI after two years.
From facilitating peer-to-peer networking and conducting customized benchmarking research to providing on-demand best practices, Best Practices research features exclusive surveys and interviews with top executives at Fortune 500 companies, site visits with best-in-class companies, focused roundtable and networking events and detailed roadmaps for excellence.
