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Benchmarking - Essay Example
Pages 3 (753 words)
Financial service industry is characterized by achievement and maintenance of very high standards of success. While Intersect Investment has been, over the years, performing fairly well in the financial service sector, it has encountered hiccups and struggles, fairly on an equal scale…
Besides having a strong hold in the financial service industry, Citi Corp mirrors the vision and goals of Intersect Investments.
Benchmarking is the process of observation and validation of procedures and practices that the most successful companies employ. It is a process of studying and following time tested practices from well performing organizations to improve your own performance. In other words, it is the borrowing of standards for success. This involves determining where you need to improve, finding an organization that is exceptional in this area, then studying the company and applying its best practices in your firm. Benchmarking systematically studies the absolute best firms, and uses their best practices as the standard of comparison; a standard to meet or even surpass.
Through a comprehensive assessment of strengths, weaknesses, threats and opportunities of Intersect Investments, the management has realized that a lot of critical areas have to be reviewed if the firm is to achieve its goals and objectives. Issues range from redefining the organizational vision to devising a proper career incentive system for its employees. Sharing a similar organizational mandate, Citi Corp has fared a lot better in the industry particularly with regard to these critical areas.
Citi Corp has long stood with its principle of customer intimacy and procedural simplifications. ...
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