How well are you doing? Benchmarking can help

Measurement and benchmarking, comparing your businesses’ results to a standard, is central to successful implementation of best practices. Internally, it contributes to an open and accountable organisation because it visibly communicates your progress, identifies shortfalls and areas requiring attention. Externally, a business gets a pretty good idea of where it is placed alongside other organisations.  The Practices/Performance Model, shown in Figure 1 and used by QMI Solutions, measures what degree of the company’s performance is underpinned by world class practices.

Figure 1.  The Practices/Performance Model

For example if you rate less than 60 on each dimension of practices and performance, you have scope for improvement. Companies with a high level of performance and a low practices score are ‘Vulnerable’, usually because the performance is people-driven. If the key people driving performance left, the company would undoubtedly suffer.

Companies with a high practices score and low performance score are ‘Promising’ and either have only recently implemented the new practices, or the practices implemented are not strategically linked to the core business. Those companies that are ‘Contenders’ and score above 60 in both categories are well on the way to becoming world class. Once you are scoring above 80 in both categories, you are regarded as a world class company.

To have your company benchmarked please contact your local Department of Employment, Economic Development and Innovation office on 13 26 50 (Queensland callers only).

Links to subsections of this topic

How well are you doing? Benchmarking can help
Tools to Assist You
How are Queensland businesses improving their processes?
Programs and Services