Cloud-Based Services Can Provide Actionable Information for Improving Operations

"Business benchmarking is a decades-old practice that now is entering a new era. Providers of today’s cloud-based business systems can create process benchmarks quickly and efficiently by monitoring and measuring how customers use their service. The measurement process enables those vendors to provide to their customers ongoing assessments of how well they are executing processes compared to the best-performing companies and averages in the industry. And they can do this without ever having to handle their clients’ proprietary data.

"Benchmarking serves business executives and managers well because it enables them to objectively assess their performance. The technique is especially useful for supporting a continuous improvement approach to managing the finance and accounting function and thus can contribute to achieving sustainable improvements in the efficiency of the department."