Benchmarks to Success

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in Best-Practices Leadership,Leaders & Managers

If you are challenged with a cumbersome or outdated process within your department, what’s the best way to fix it? Undoubtedly, for expediency, you have created some workaround solutions, but there comes a point when a permanent fix is necessary.

Before thinking about specific solutions, step back and do some preliminary homework. Here’s how to get started:

Benchmark your operations 

The term “benchmark” refers to the reference point by which performance is measured. “In other words,” says Pam Miller, education director for the Institute of Financial Management, “benchmarks help identify where are you now, in terms of performance, and where you want to be.”

Miller recommends that you begin by determining your performance level within your current system. For example, if you are looking to automate your invoicing system, do you know the following: 

• How long your current invoicing process takes from start to finish? 

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