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Discuss a benchmarking example where Stephen Sanger, CEO of General Mills, sent his technicians to a NASCAR race to observe the pit crews. “That experience inspired the techies to figure out how to reduce the time it takes to switch a plant line from five hours to 20 minutes”. How could financial services firms benefit through benchmarking against something outside of the industry? Does another industry have a service model or operational procedure that financial firms could benefit from if management decided to implement it?
Expert Answer
Through benchmarking against something outside of the industry a financial services firms benefit through
-identify areas where it can improve performance
-Focus on key business driver and in this case customer satisfaction is a major one
-It could help leapfrog competitors by excelling on those areas where none of the industry have assessed.
-It could compare stategic objectives between the firms,though objective differ from industry to industry but benchmarking will help in assessing what proper stratgeic objective should be to get success .
-It measures customers service standard and how to make it better
-Helps in reducing operating cost associated with the firm by studying how the benchmark firm reduce its operating cost.
Financial firms can get benefit from BPOs and call center to assess the customer satisfaction it has in providing service.In service industry assessing customer satisfaction is a dificult task as parameters to compare is subjective.BPOs have mastered the skill though belong to service industry.Financial firms can assesss the model of BPOs to serve their customers better.
