In the new reality organizations face more pressure than ever to reduce cost, increase operational efficiency and create more value. Change starts with measuring the as is. You cannot manage what you cannot measure.
Leading insurance companies leverage Benchmarking as a key management tool to make use of the wisdom of the crowd and improve performance. Creating and unlocking value in your organization starts with knowing where you stand.
See your business clearly, and identify opportunities for action, with the business performance benchmarking program from SAP – available free to SAP customers and select prospects. SAP's benchmarking program has helped more than 3,000 organizations assess their strengths, uncover areas for improvement, and identify best practices and IT strategies that generate clear, tangible value for customers.
TOP 5 SAP BENCHMARKING SURVEYS FOR THE INSURANCE INDUSTRY
1. Finance
This survey will help you assess your Finance organization's current process and technology performance,based on key performance indicators and best practices vis-a-vis your peers. The assessment covers all core finance processes including Budgeting and Forecasting, Business and Operations Analysis and Reporting, Cost Accounting and Analysis, Risk and Compliance, G/L and Financial Closing, Treasury and Cash Management, Accounts Payable, Accounts Receivables and Billing, Credit and Collections.
2. Procurement
The survey will help you assess your procurement organization's current process and technology performance,based on key performance indicators and best practices vis-a-vis your peers. The assessment covers all core Procurement/ Sourcing processes including Compliance, Category Management, Supplier Evaluation and Negotiation, Supplier Performance Management, Contract Management, Supplier Collaboration, Requisitioning, Order Processing, Material Reciept, Financial Settlement, Supplier Data Management.
3. Value Management
This survey is designed to assess an organization's value management practices. The assessment covers all core value management processes including Business Strategy And Alignment, Performance Benchmarking, Justification, Value Realization, Organizational Excellence and Governance And Portfolio Management.
4. Business Intelligence
This survey will help youassess your organization's current BI performance, based on key performance indicators and best practices vis-a-vis your peers. The assessment covers business user impact, BI infrastructure, BI support and organization.
This survey will help you to determine & analyze your company’s status-quo on TCO (Total Cost of Ownership). In addition to pure spend, staffing, organizational metrics the survey is focused on key performance indicators & best practices around 4 major areas: Complexity, Execution Excellence, Sourcing, Business-IT Alignment. By getting transparency about the as-is situation & comparing results against peer groups it will enable you to identify strength as well as potential areas for improvement.
Access more than 25 benchmarking programs through the SAP Value Management Center, SAP’s end-to-end real time benchmarking platform. Receive a detailed, organization-specific report that's completely confidential and interact with results on demand through the power of the SAP BusinessObjects portfolio of solutions and conduct what-if analyses to predict potential benefits.
My advice:
- Benchmark KPIs and best practice adoption against peer groups!
- Watch this youtube video to learn more about the SAP Benchmarking Program: SAP Value Management Center Video
- Explore the SAP Benchmarking Offering, Start now, free of charge, – learn more at valuemanagement.sap.com!
More Information: Check my Blog about TCO Benchmarking: Control your IT Cost & identify Improvement Opportunities with TCO Benchmarking; Follow me on Twitter @SAPSpotlight or connect to LinkedIn.
Your View matters: What is your experience and perspective on benchmarking? I would like to know your thoughts.
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