Industry Best Practices Benchmarking for a Leading Public Utility Services Company: A SpendEdge Case Study
A leading public utility services provider wanted to increase customer satisfaction and diminish bad debt write-offs. To identify and benchmark the best practices, the energy industry client approached SpendEdge to devise a comprehensive approach that would help them identify and benchmark the industry best practices. A detailed quantitative analysis of various categories within the supply chain was carried out to identify and benchmark the industry best practices to be followed.
About the Client:
A leading multinational energy industry firm. The client is a leading public utility services company with years of expertise and heritage stretching back to over a 100 years. The company employs about 70,000 people in 30 emerging economies.
The client was facing challenges in benchmarking the best practices in the energy industry.
How did SpendEdge Help the Client?
- Step 1: Determined the peer organizations and processes to be benchmarked
This step involved the accurate evaluation and determination of companies to be benchmarked. It acted as a cornerstone for the entire energy industry best practices benchmarking process.
- Step 2: Gathered and analyzed data to identify performance gaps
This step revolved around the analysis of gathered data to determine the extent to which the client’s performance lags behind the best in each segment. The implementation of this step offered a clear picture of the client’s business processes in comparison with their competitors.
- Step 3: Determined the future trends
It involved the detailed examination of the past performance of the client in relation to their competitors in the public utility services sector. Such an approach offered detailed insights, which helped the client to gain a clear idea of the available options to assign a realistic concept of the potential benefits of adopting and benchmarking the best practices.
Key questions answered in this industry best practices benchmarking engagement include:
Benefits of the Engagement:
The industry best practices engagement helped the energy industry client to identify the key performance metrics and fine-tune their strategies to boost savings. Our industry best practices experts worked as an extension of the firm to identify the success factors that uncovered major opportunities for improving their services.
Why incorporate best practices benchmarking?
To withstand the growing competitive pressure, players in the energy industry must adopt better strategies and deliver better results at a comparatively lesser cost. To do so, companies employ strategic planning as a part of their organizational processes to identify the core business value and employ strategies to best achieve them.
Industry best practices benchmarking has become an integral part of operational improvements and strategic planning. Identifying and benchmarking best practices help companies to bridge gaps and improve performance using quantitative and qualitative information collected from various industry-specific resources.
Benchmarking best practices will enable organizations to increase competitiveness and enhance value from a customer’s perspective. If your organization is on the lookout for an objective way to enhance market growth, best practices benchmarking is the ideal approach to identify alternative and feasible ways to enhance performance.
However, the success of every industry best practices benchmarking process ultimately depends on the organization’s commitment to the process. To sustain market leadership, energy industry companies must adopt best practices benchmarking as a permanent and important aspect of the organization’s business processes.