How Social Media is Redefining Benchmarking

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This white paper provides an overview to benchmarking and explains its process and key concepts. Various types of benchmarking methods are introduced and the purposes and benefits of each are …

This white paper provides an overview to benchmarking and explains its process and key concepts. Various types of benchmarking methods are introduced and the purposes and benefits of each are clarified.

It is shown that social media is fundamentally changing the way benchmarking is conducted. Social media can make benchmarking more effective, easier to carry out, and change the process from being project-oriented to a continuous one.

A case example from Nokia provides practical insight on using social media for benchmarking.

This presentation shows selected slides from a GIA white paper. To download the entire white paper that you are interested in, please visit http://bit.ly/GIAinsightWP

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  • 1. How Social Media is Redefining Benchmarking With Case Example from Nokia Webinar Slides, May 19, 2010 www.globalintelligence.com
  • 2. Table of contents This document contains excerpts from GIA’s “How Social Media is Redefining Benchmarking” White Paper. For the free white paper, please visit www.globalintelligence.com or email info@globalintelligence.com. Included here: •  Introduction and history •  What to benchmark •  Benchmarking concepts Not available here: •  Benchmarking process •  Social media and benchmarking •  Case example from Nokia www.globalintelligence.com - page 2
  • 3. Introduction – benchmarking in general Benchmarking is a systematic way of identifying the highest standards (best practices) for products, services, and processes by comparing these across companies. Moreover, an essential part of benchmarking is to implement changes and making improvements in order to reach those highest standards. •  Benchmarking emerged as a business practice in the 1980’s. •  In a recent study by Bain & Co, benchmarking was recognized, for the first time, as the most popular management tool. www.globalintelligence.com - page 3
  • 4. Introduction - social media and benchmarking •  Social media are changing how benchmarking can be conducted. !  Communication tools that make it less purposeful to travel !  More work can be done on-line •  As a result, benchmarking has become less expensive. •  Lower threshold for companies to engage in benchmarking. •  From a one-time affair into a continuous, iterative process. www.globalintelligence.com - page 4
  • 5. History of benchmarking •  Benchmarking practices started to emerge in the 1980’s. •  Faced with a superior competitor, benchmarking methods sought to answer the following questions: !  What company is the best in terms of a product, service, or process? !  How has that company achieved that position? •  Benchmarking emerged hand-in-hand with Total Quality Management. •  Over the years, the key ideas of benchmarking have evolved into: !  Identifying the best-in-class organizations !  Obtaining information appropriate data collection and making a self-assessment !  Improve by implementing changes to meet or exceed standards www.globalintelligence.com - page 5
  • 6. What to benchmark Products and services !  Improves general understanding of one’s competitive position in the market !  Can be based to a large extent on secondary research !  Services are more difficult to benchmark and often require a fair amount of interviews or field research Financial performance !  Helps to quantify what can be achieved and to set targets !  Can sometimes be done at relatively low cost using publicly available information| Processes !  Benchmarking processes is very common nowadays !  Interesting characteristics are structure, efficiency and turnaround time !  Collecting information about processes is rather challenging and often requires lots of primary research !  Process benchmarking can be done both on competitors and on non-competing companies www.globalintelligence.com - page 6
  • 7. What to benchmark Strategies !  Strategies are not easy to analyze, but lots of information can be found from public sources !  Using primary research and abductive reasoning good results can be obtained Functions, teams and organizations !  Attempts to discover how companies achieve superior performance !  Using social media has proven to be very fruitful www.globalintelligence.com - page 7
  • 8. Benchmarking concepts Cooperative benchmarking •  Reciprocal benchmarking, voluntary exchange of information •  Usually involves on-site visits •  Individual needs of all companies involved need to be considered •  Common code of conduct Benchmarking partners = companies to be benchmarked (do not need to be from own industry) Competitive benchmarking •  Non-reciprocal benchmarking •  Usually requires competitive intelligence and independent research www.globalintelligence.com - page 8
  • 9. Additional benchmarking concepts Benchmarking gap Difference in performance between two companies. Best practice Practices that have shown to produce superior results. The outcome of benchmarking. Enabler The processes, practices or methods that facilitate the implementation of a best practice. Re-engineering The radical redesign of business processes, organizational structures, management systems, and values of an organization to achieve breakthroughs in business performance. The ultimate goal of benchmarking. For more on benchmarking concepts, see www.apqc.org www.globalintelligence.com - page 9
  • 10. Benchmarking process www.globalintelligence.com - page 10
  • 11. Benchmarking and Social Media •  Benchmarking can greatly benefit from social media: !  Cooperative benchmarking is inherently a social activity !  Social media provide new additional sources of information and channels for data collection !  Benchmarking is becoming more process-oriented and social media supports this •  The time reuired for one iteration of the benchmarking process becomes shorter, making the process more like a continuous activity. •  More and more of the interaction between benchmarking partners can be done on-line, making it less expensive and more efficient. •  The benchmarking team can be expanded and adjusted at any time. •  Social media is not without its challenges: !  Information security becomes more fragile !  Managing a continuous benchmarking process with an changing team is demanding www.globalintelligence.com - page 11
  • 12. Thank You for Your Attention These slides are excerpts from Contact Us the GIA White Paper: “How Social Media is Redefining For additional information about the Benchmarking”. Global Intelligence Alliance and our services, please send email to info@globalintelligence.com or log on Download the entire White Paper to the GIA website for the contact information of the GIA company for Free nearest to you. The report has been published under the GIA White Paper series and is available for free download at www.globalintelligence.com. www.globalintelligence.com
  • 13. About GIA www.globalintelligence.com
  • 14. GIA is a strategic market Intelligence and advisory group Global Intelligence Alliance (GIA) was formed in 1995 when a team of market intelligence specialists, management consultants, industry analysts and technology experts came together to build a powerful suite of customized solutions ranging from outsourced market monitoring services and software, to strategic analysis and advisory. Today, we are the preferred partner for organizations seeking to understand, compete and grow in international markets. Our industry expertise and coverage of over 100 countries enables our customers to make better informed decisions worldwide. www.globalintelligence.com GIA Industry White Paper 2 / 2010: Native or Web Application? How best to deliver content and services to your audiences over the mobile phone
  • 15. Access local knowledge in over 100 countries GIA Group has 12 offices on 4 continents. Together with affiliated GIA Member companies, certified GIA Research Partners and consultants, GIA provides access to local knowledge in over 100 countries. All GIA Network companies adhere to GIA’s Research and Analysis Quality System as well as the SCIP Code of Ethics. www.globalintelligence.com - page 15
  • 16. We understand your business With a track record of supporting thousands of clients Industry Practices around the world, we bring you practical expertise in your Automotive Chemicals markets, as well as knowledge from our practices covering Construction & Property Development 11 industries and all the key business functions. Consumer & Retail Energy, Resources & Environment Financial Services Private Equity Logistics & Transportation Manufacturing & Industrial Pharmaceuticals & Healthcare Telecommunication, Technology & Media Functional Practices World Class Market Intelligence MI for Strategic Planning MI for Marketing & Sales MI for Product & Innovation Management MI for Supply Chain Management M&A and Partnering www.globalintelligence.com
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