Optimising financial processes

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Benchmarking & Process Improvement – As Easy as 123?

I listened to an excellent debate between Naomi Secor and Steve Fox about KPIs, Benchmarks and Performance Improvement.

Naomi, the leading light behind the Research & Analytics of Shared Services & Outsourcing Network (SSON), showed a “metrics intelligence hub” of 123 performance indicators benchmarked across organizations worldwide, by industry & geography;  

  • HR, Talent, Retention & Attrition  
  • Procure to Pay & T&E (P2P)  
  • Sourcing & Procurement  
  • Order to Cash (O2C)  
  • Record to Report & Financial Close (R2R)   
  • Finance & Treasury  
  • Payroll  
  • Automation & IT       

They discussed the perennial question, underlying many challenges with metrics and KPIs, “What Does Good Look Like?”

For any “end to end” business process, this is not a simple question.

A balanced set of indicators is required. 

Steve, former VP GBS at Thermo Fisher Scientific, and Naomi discussed and debated both these principles and specific indicators across Finance, IT, HR, Procurement, O2C, P2P and R2R.

It turns out, that in the pursuit of business performance and positive outcomes, 87% of GBS organizations report that “end to end” process integration is a top priority for 2023!

Which is handy, because Steve, Harvey and I are facilitating a workshop on this very topic on March 21st at Shared Services & Outsourcing Week 2023 in Orlando. You may want to join us there. 

You can get a 20% discount by using the code SSOW23_ConsiderSolutions  

If you would like to watch or listen to the “Naomi and Steve show” I referred to above, you can get it here (no registration or messing about required)  . . .   

If you want to talk to Naomi directly about accessing the 123 benchmarks, it is a powerful resource! Contact her here . . . .   

Thanks for reading . . .