Achieving Benchmarking Excellence: Winning Structures, Tactics and Technology.

Business Editors

CHAPEL HILL, N.C.--(BUSINESS WIRE)--Nov. 13, 2003

In a recent report released by a leading strategy consulting firm, benchmarking ranked second among management tools used by executives to enhance the efficiency and productivity of their companies. Those that master the tool find they gain a critical advantage that helps outpace competitors. Research from Best Practices LLC reveals how successful companies use benchmarking to steer improvement efforts in a rapid and cost-effective manner.

Successful benchmarking tactics include:

-- A new hybrid structural model for managing the benchmarking

function has emerged. Companies that have cultural acceptance

for corporate oversight -- yet lean toward employee

empowerment and decentralized business unit management --

often benefit from a hybrid structure that moderates the

benefits and drawbacks of the two more extreme approaches.

-- Top companies embed benchmarking in the performance management

system as a key skill for managers. This creates an

expectation that managers will use benchmarking as a

continuous improvement tool.

Designed to further assist benchmarking, market research and knowledge management executives, a Developing the Benchmarking Function Research Bundle is now available at http://www3.best-in-class.com/dr63.htm . Based on surveys and executive interviews, this bundle of documents provides key insights on how to develop and build strengths in benchmarking and knowledge management.

-- Benchmarking department structures and resource-based

decisions around staffing, budgets, roles and training.

-- Winning ways to build benchmarking buy-in with senior

management and promote benchmarking as a fundamental

managerial tool.

-- How companies effectively prioritize internal and external

requests for benchmarking resources.

-- Proven methods to track the implementation of benchmarking

findings and calculate return on investment.

-- Ways high-performing companies leverage technology to

facilitate benchmarking

To purchase online access to these documents, visit http://www3.best-in-class.com/dr63.htm . These documents are located in the Business Operations section of the Best Practice Database. Access to all business operations documents costs $1,000. Access to the entire database of best practices costs only $4,000 per individual.

For more information, contact Keith Symmers at [phone] or at [e-mail].

ABOUT BEST PRACTICES, LLC

Best Practices, LLC is a research and consulting firm that conducts work based on the principle that organizations can chart a course to superior economic performance by studying the best business practices, operating tactics and winning strategies of world-class organizations. For more information, call 919-403-0251 or visit http://www.best-in-class.com.