In the post-benchmarking phase, you develop an action plan to improve, track the plan’s execution, and recalibrate as needed. Then, measure your performance against theirs. This can be a competitor who you want to out-perform or learn from. To understand what success looks like, select a “best in class” peer group to compare to. In the benchmarking phase, you first determine the scope of the exercise, identify the KPIs you will use to measure success, and then begin to collect data. There are two phases to this methodology: the benchmarking phase and the post-benchmarking phase. (Slide 4)īenchmarking is used to evaluate a process, task, or team in an attempt to gather information on areas to improve.
Or as a startup founder, you can use the BSC to share your strategic vision with key stakeholders. As an executive, you may want to compare business units in different regions to ensure alignments. For instance, on this scorecard, you can see the four components of education and growth, internal processes, customer relationship, and financial results are all united by a central vision.Īs a manager, you may want to reconnect your team’s strategic objectives to your organization’s long-term targets. This tool is used to synchronize communication, align tasks to a central strategy, or prioritize projects that best fit strategic targets. The balanced scorecard is a strategic planning and management system that balances four business components together around a unified strategic vision. We also have additional presentations for many of the frameworks mentioned, so if you find a specific tool useful, check them out from our resources library. If you find these tools useful, make sure to check out our Bain’s Management Toolkit (Part 2).
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Whether you want to better plan for the future, boost revenue or efficiency, improve the quality of management structures, or innovate on current workflow and processes, select the right tool at the right time for ultimate success.īain & Company created the multi-year research project behind this toolkit to help educate managers and leaders on when and how to use the many management tools out there. But remember, these tools work best when they are used as means to a strategic goal, not a cure-all for your business. Management tools have been proven to be most effective when implemented as part of a major organizational effort.
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