How do you know that you have arrived?
“Arrived where?” you may ask.
Think about the GPS (Global Positioning System) in your car; before you begin a trip, you need to program in a destination, an address. The same is true of your business; if you don’t know your goals, you will never know when you have arrived – or if you are even on the right path!
This is where benchmarking of business processes comes in. I’m not talking about the speed of your hardware here, but the speed and effectiveness of your finance processes. How quickly do you close your books? What is your billing error rate? How long does it take to finalize a forecast? And how accurate is that forecast?
Benchmarking these KPIs (Key Performance Indicators) allows you to see where you are right now, compare yourself to your peers, and build a business case to get to the same level of performance as your highest-performing peers – or even surpass them! Continued benchmarking over time lets you prove that you have reached your destination, your goal. Then you can prepare – or program in – your next goal.
With more and more surveys being launched daily, what is it about a New Year that drives interest in benchmarking surveys? Maybe it’s something you’ve wanted to do all year, but have been procrastinating – until now, the traditional time for New Year’s resolutions. Or maybe you need to finalize plans for your company, your department, your business unit, since in less than a month, you will be off and running – and need to know in which direction to run.
To help you, SAP has a long-standing, confidential benchmarking program through a collaboration between SAP’s Value Engineering group and ASUG, providing participating companies with a free read-out of your company’s performance, compared to your peers among the over 2200 participants from 1200 companies. From Finance to Compliance, Shared Services to Financial Performance and Risk Management, find out how well you’re doing. Read about the program details, and find a link to the financial benchmarking surveys, here.
So come the New Year, you can sit back, toast, and relax in the certainty that you now know exactly where you are going.