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TRADE is a best practice benchmarking methodology.
The TRADE benchmarking methodology focuses on the exchange (or 'trade') of information and best practices to improve the performance of processes, goods and services.
This methodology was initially developed for the New Zealand Benchmarking Club, which existed between 2000 and 2004. Since then, the methodology has been used on many benchmarking projects all over the world. However, it was not until 2007 that the project management system and training materials supporting the methodology were substantially enhanced (bringing together the experience of running many benchmarking projects).
TRADE consists of five stages:
- Terms of Reference (plan the project)
- Research (research current state)
- Act (undertake data collection & analysis)
- Deploy (communicate & implement best practices)
- Evaluate (evaluate the benchmarking process & outcomes)
Within each of these stages are a number of steps to be followed as part of a benchmarking project. For instance, the Terms of Reference stage consists of the following steps:
- Determine area of focus for benchmarking project
- Develop project brief
- Form project team
- Train project team
- Understand benchmarking code of conduct
- Prepare Terms of Reference
- Plan benchmarking tasks
- Develop documentation system
- Review Terms of Reference process
- Obtain approval to start the next stage of TRADE
Organisations using TRADE follow all the stages and steps of TRADE to successfully complete a benchmarking project and identify best practices in the area in which the project focuses.
Benchmarking projects should be targeted at a process area or activity that will deliver the best value to an organisation. Often senior managers will have used techniques such as a business excellence self-assessment to determine which projects and their outcomes are likely to deliver the greatest benefits.
The project aim can be broad or specific. The project aim may relate to improving the performance of a
- process
- activity/task
- business improvement tool
- equipment
- strategy
- behaviour
Examples:
- Customer complaint management, e.g. to improve our customer complaint management process to a world-class standard.
- Balanced Scorecard, e.g. to identify and implement best practices in the application of the Balanced Scorecard.
- Supplier relationship process, e.g. to become an industry leader for our supplier relationship process.
- Team culture, e.g. to develop a winning team culture.
- Recruitment time, e.g. to reduce the time taken to recruit new staff.
Why choose TRADE for your best practice benchmarking projects?
- It offers a proven approach. It is endorsed by the Global Benchmarking Network and has been used by private and public sector organisations of all sizes (for example, it is the approved methodology for Singapore's Public Service and is actively promoted and used in countries such as NZ, Taiwan, UAE and UK).
- It is flexible and can be used for exploratory (1-12 week) or in-depth (13-36 week) projects.
- Easy to explain and communicate as it only has 5 stages and a memorable name!
- It provides a step by step approach. Within the 5 stages there are simple steps to be followed.
- It provides a rigorous approach to planning which ensures that the project will only proceed after a cost /benefit analysis has been undertaken.
- There is a strong likelihood of success, as projects are supported through a TRADE project management spreadsheet, a TRADE training manual consisting of a comprehensive set of benchmarking resources and template forms, and a benchmarking certification scheme.
- It saves time and money. TRADE materials and templates have been developed and refined over the past fifteen years from working with hundreds of organisations. TRADE licence holders will have full access to these (and future updates) and so will not need to develop their own materials at considerable expense.
- It delivers results. After each stage of TRADE the project is reviewed to ensure it is on-track. If not, the project can be stopped or the direction of the project changed. Therefore all projects should deliver the expected results and major benefits (potentially saving or generating millions of dollars for large projects).
courtesy of Centre for Organisational Excellence
For the calendar of the upcoming public Benchmarking workshops, please visit our platform schedule. For your very own customized corporate in-house learning program, please email enquiries@mgdelxis.com or call us at +65 6841 1379 for a non-obligatory discussion.
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