In this lesson, the focus is on identifying performance improvements, analysing changing trends and opportunities, addressing areas for improvement, conducting gap analysis, and communicating the need for improvement within an organisation.
The process starts with a review of existing performance reports, which encompass various aspects such as budget, quality, and customer feedback compared to benchmarks. These reports reveal gaps, trends, or variances that managers can act upon. For instance, an annual employee satisfaction survey may highlight areas needing improvement.
To determine if an opportunity exists when a trend indicates suboptimal performance, several factors must be considered, including market demand, competition, available resources, and alignment with core competencies. This involves assessing risks, costs, and benefits and engaging stakeholders for informed decision-making.
Identifying gaps between benchmark objectives and real data is crucial. Analysing these gaps enables the recommendation of improvements or innovative solutions. For example, resolving quality issues caused by a specific supply problem might involve changing suppliers or product redesign for enhanced efficiency and meeting organisational objectives. Ultimately, the goal is to align performance with benchmarks and improve overall operations.