The old adage, "You can't manage what you don't measure," especially applies when organizations attempt to streamline operations within corporate services. We'll discuss how to use internal and external benchmarks to foster an environment of continuous improvement by triangulating monthly performance evaluation against the market for relationships and causation in order to evaluate true cost savings opportunities.
The process begins with defining the corporate departments to determine the scope of what you intend to measure. We'll also discuss why you should measure the amount that peer organizations are spending on comparable services for a better understanding about whether you're receiving value between the median spend and your spend. We'll then focus on maintaining the progress through monthly analysis and how benchmarks foster continuous improvement conversations.
Learning objectives:
- Discuss what defines each of the corporate departments and the scope of what you're measuring
- Examine why it's important to drill down to the detailed department level to establish apples-to-apples comparisons
- Outline potential roadblocks to effective analysis -- level of detail, types of normalization, and subjective survey processes
- Highlight how to monitor monthly to foster a culture of continuous improvement.
Also watch the dedicated Q&A session included with this video!