Insights from OpsDog

Professional liability, workers’ compensation, cyber liability, crime coverage – if you can dream of some type of risk, there is an insurance policy that covers it, and someone looking to buy that coverage.

Today, many insurance companies focus only on business Key Performance Indicators (KPIs) related to total dollar amounts of transactions processed and the high-level expenses that it took to process the work without diving into operations focused KPIs at the forefront of the business. Consequently, many productivity metrics tracked at the front line employee level are often overlooked by different departments at large insurers.

In our last article, we defined what competitive benchmarking in business is and even provided you with a few examples of benchmarking analysis to boot. this article, however, will look into what competitive benchmarking projects actually do, and a few examples of benchmarking best practices to help you get started on your own benchmarking analysis. Just as we’d posted an article showing that KPIs aren’t a magic bullet, neither is benchmarking. It’s a tool in your kit. Use it properly, and it can yield great results.

Many projects fail before they start due to a lack of diligent project planning and documentation. Before performing any business process improvement initiative, or any project for that matter, it is imperative to explicitly define the focus, or scope, of your efforts.

Setting realistic goals, boundaries, timelines and success conditions before the project gets underway creates a laser-sharp focus, from both team members and stakeholders.

No, competitive benchmarking is not what a pigeon does to that nice place where you’d wanted to sit in the park. It’s simply the process of comparing your company to others.

In this article, we’re going to explain the different types of competitive benchmarking in business, and tell you a cool, real-world story of competitive benchmarking in action. With the knowledge gained therein, you'll be able to arm yourself with the ability to competitively benchmark your company against others, and thus determine what and where improvements are called for.

The Accounts Payable Department manages and pays the bills of a company. From processing incoming invoices, and ensuring that all of the company’s suppliers are paid in full and on time, the Accounts Payable Department does it all.

So how can your company make sure your Accounts Payable Department is working at tip top shape? By measuring accounts payable productivity and performance metrics, of course! Let’s take a look at a few important examples of accounts payable metrics.