Raising the Bar (Setting Benchmarks)!
Krishnakumar Ramanathan
Managing Director and Group CEO S & S Power | Acrastyle | Hamilton Research and Technology | At the intersection of Engineering and Management lie infinite possibilities!
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Raising the Bar (Setting Benchmarks)! / 090, 26 Aug 2023
Raising the Bar, or Setting a Benchmark for improvement, is an important aspect of Management. It prevents institutional complacency and encourages improvements. A benchmark is a standard by which something is measured or compared in an objective manner. Throughout history, benchmarks have played a role in advancement. Take the example of athletics – around 70 years ago, running a mile in under four minutes was considered impossible, because doctors believed that the human heart and lung could not deliver the volume of blood and oxygen needed to propel a human forward at that speed. Until 1952, when Roger Bannister broke the record for the four-minute-mile, by covering it in 03:59.4 minutes. Once he showed that it could be achieved, all physical and psychological barriers were broken, and over 1,700 runners have achieved or bettered that same record since then.
Benchmarks – and our belief in their impossibility until we see someone else achieving it – extend well beyond sports. Until the USSR put a person in space, no one believed in space travel. No one believed Mt. Everest could be climbed until two persons did - and the floodgates opened. There are many more such examples from other walks of life – the first open-heart surgery, first test-tube baby, first (Covid) vaccine developed in less than a year, and so on. No one believed they could be done, but once they were, they inspired others to not only emulate, but also to go one step beyond and do even better. Every benchmark thus set takes us further ahead.
For this same reason, benchmarks are extremely important in business. And the same disbelief exists here as well. Nobody believed overnight delivery across the world was possible until FedEx did it. No one thought touchscreen phones would rule the world until Apple showed how it can be done. No one imagined getting everything in one click until Google did it. No country had imagined a biometric-based identification for all citizens, until India showed the way with Aadhaar. Each one is a benchmark that has shaped our world in myriad ways. Let us explore why Benchmarks are necessary, and how we can go about imagining and setting them in our work lives.
The WHY:?Benchmarks inspire us. Reading about a watchman cracking the IAS exam by studying at night gives us the goosebumps. Seeing an organisation implement Six Sigma methodologies and achieve 99.9999% reliability in all operations inspires other organisations to emulate the same. It shows us how much more can be done or achieved if we change our belief and upgrade our processes. In organisations, benchmarks bring commonality of purpose and help in raising the bar – and ensure everyone is measured by the same bar. If we have a company with a number of plants across locations, benchmarking helps bring transparency about their operational KPIs, and evaluate which factory is best in which aspect. Everyone improves in this exercise. Benchmarking also inhibits complacency and ensures that we are inching forward every day.
The HOW: Benchmarks must be ambitious, and the must create a sense of awe. But they must also be very clearly defined with timelines – as below:
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Apart from the WHY and the HOW, it is important to demonstrate the intent (i.e., walk the talk) by the leadership. Fostering a collaborative culture also plays a vital role in achieving benchmarks and creating a sense of accomplishment across the organisation. Until we set the next benchmark!
I hope you enjoyed reading this one, and as always, I request you to share your own thoughts and experiences in the comments section. Let us build a conversation around this topic!
Warm regards, Krishnakumar.
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Head-EHS -Associate Vice president @Greenko assessment management
1 年The you for your insights on this Topic. Yes absolutely right about raising bar. In General, we have witnessed, to keep the top standard at our organizations, some responsible employees about fear to implement. We need to setting the benchmark by bringing the new Initiatives & international standards and adopting growth mind concepts for organizational growth. Feeling happy to read your article and taking your inputs. ??
Country Finance Head Solutions Division including Global Engineering Center and India Digitalization Hub
1 年The well articulated synopsis once again established by Indian men 4x400 relay team today in World Athletics Championships...setting new Asian records ....when we believe in ourselves, we can raise our own bar to reach new heights...thereby making our country proud !!!
A journey from self gratification to self fulfillment - live learning forever
1 年The article brilliantly puts the concept of benchmarking in it's true perspective. One unique benefit of benchmarking is that it creates the right ambiance for performance improvement. Many times we start competing at the individual /organisation level instead of the performance KPIs which often leads to generating bad blood and drifting away from targeted goals . A good benchmarking process as illustrated in the post can avoid such negative outcomes and help staying focused on goals. Thanks for sharing. ??
Business Leader- Team development and Empowerment, Customer first approach, Believes in diverse points of view, Leadership by building Trust, Enriching experience in start up and growth businesses
1 年Your article really makes us think about the importance of setting the benchmarks. Numerous examples given by you demonstrate that organisations also benefit immensely when they envision some path breaking ideas, designs etc. and make it happen through grit and determination. As always, very well written article which covers important nuances nicely. Thanks