September 13, 2023

Have you ever had your eye on getting yourself Lean Six Sigma certified but don’t know which certification you should get? Yellow Belt? Green Belt? Black Belt?

‘Benchmarking’ is a systematic management tool in process improvement that measures and compares an organization’s process, product, or service performance with those with better performance or those using world-class strategies – a.k.a. best practices. Robert Camp (1989), considered the founder of best practice benchmarking, defined the tool as the “search for industry best practices that will lead to superior performance”.

Finance organizations are experiencing challenges due to the growing competition in today’s advanced business environment (Madhani, 2020; Singh & Rathi, 2018). To gain a competitive advantage and stay in business, these organizations need to eliminate operational waste and enhance their efficiency and productivity to better manage their operational capabilities, increase customers’ satisfaction, and achieve their organizational objectives (Madhani, 2020; Singh & Rathi, 2018; Chiarani, 2013; De Koning et al., 2008). Hence, certain strategies like process improvement and innovation must be utilized to accomplish this feat (De Koning et al., 2008).