Guessing is not a strategy: How to build decision velocity with AI and real-time data
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Benchmark for Success!
Due to continual changes in technology and conditions in the marketplace, IT services should be benchmarked every 18 to 24 months. This will encourage competitiveness and identify improvement opportunities for both insourced and outsourced services. Additionally, benchmarking is a tool used to show executives and customers that IT services are cost effective and well managed.
The term “benchmark” can mean different things. There are three types of benchmarks, which are generally used by IT (Table 1). The competitive assessment benchmark is the most commonly used and will be the focus of this article.
|
Benchmark Type |
Description |
|
Best Practice Sharing |
Peer-to-peer exchanges, leadership boards, and community of practice teams |
|
Macro Level Analysis |
A portfolio level analysis (e.g., comparing company IT spend as a percentage of revenues with those of other industries and companies) |
|
Competitive Assessment |
A granular review of internal services, plus a market price assessment of those services provided by external suppliers to ensure competitiveness. Benchmarks identify strengths and actionable improvement opportunities for cost, quality, and productivity. |
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