SC Strategy and Performance: Stakeholder Feedback and Benchmarking Flashcards
Define a stakeholder
A person, group or organisation with an interest or concern (a stake) in an organisation and its activities
What are the 3 main categories of stakeholder?
Internal Stakeholder –
Connected Stakeholders – primary, external to the org, economic or contractual relationship (customers, suppliers, shareholders)
External Stakeholders – not directly linked to the org, pressure groups, media, government
What are the 4 categories within Mendelow’s power/interest matrix?
Min effort (LL) Keep informed (HL) Keep satisfied (LH) Key players (HH)
What is the Performance Prism?
Performance measurement and management framework
Focuses on orgs stakeholders – needs and wants
Addresses the strategies, processes & capabilities that need to be in place
Describe the performance prism
Need to understand stakeholder satisfaction (needs and wants), under pinned by strategies, processes and capabilities.
Stakeholders also need to understand their contributions to ensure that capabilities are maintained
What is benchmarking?
Understanding best in class (competitive advantage)
Comparing one org against another using performance metrics
What are the key decisions when deciding to benchmark?
What does the org wish to benchmark? Against what orgs? How will it be done? Budget and resources available Timescales Access to data
Name 4 types of benchmarking?
Strategic, competitive, process, functional, internal, external
What are the limitations of internal benchmarking?
Areas may not be sufficiently different and internal benchmarking may not be of benefit
What gaps can be interrogated during benchmarking?
Service gap
Operational gap
Strategy gap
define internal benchmarking and outline its advantages
where one part of the org compares its performance, in a structured way against another part of the same org (geog, business unit, dept)
pros - spread knowledge, confidentiality, comm, less resources
what are the difficulties that may arise in SC benchmarking
complacency, wrong conclusions, difficulty in finding a benchmark, focuses backwards, look for easy route, drain on resources,
