Frequently referred to as the blood which fuels an organization’s operations, cash is an economic reality that cannot be overlooked. Fulfilling cash requirements on a short term by either collecting, managing or investing is a fundamental responsibility of business managers and corporate treasurers.
In the search for best practices in the industry, companies need to look after some key aspects that can lead them to achieving superior performance. The benchmarking methodological uniqueness refers to the identification of business processes that can lead an organization to a superior performance, followed by the analysis of the best practices behind that success.
The Mayor’s Office for Policing And Crime (MOPAC) from London, UK, is the strategic authority that coordinates the Metropolitan Police Service (MPS), making sure that the London Police operates efficiently and effectively.
On the road to developing a strategic plan destined to determine and improve either the general performance of an organization or performance within a particular department, specific tools have proved themselves to be very useful for assessing the current situation and taking the next logical steps towards achieving the objectives set. One of the most used and most useful tools, when properly applied, is data analysis, due to the clear and precise insights an organization can gain from it.
As all businesses are in a continuous search for improving their organizational processes, one of the main actions that needs to be taken for seeing quality improvements and achieving a superior level of performance is closing the gaps. Improvement refers to the process through which performance gaps are actually closed, so that a company is able to achieve the desired results. The aspect that can always be improved is performance. Therefore, improvement is not a results issue, but a performance related one.