Question

How often should a company review the industry and its standards and new processes to determine if the benchmarking measures that they have set are still best in class? Please use fact!

Answer 1

Business Standards and Processes is important to review at regular intervals and sometimes in some specific demanded situations. It depends on that area whether the process or standard is related to a higher risky area which is very dynamic and need frequent review or it possess low risk. If it is a high risky and influenced by external environment easily then it require regular review, we can say once or twice in a year which is a standard practise. In Industry, methods and technology is changing so rapidly that the process are needed to get updated very frequently, to check that they are still best in class. To change the business processes it needed that consultation form the stakeholders, thus proper plan should be developed to raise the concern.

Companies involved in Technology like software related companies or engineering companies, they are often exposed to the risk of change in business standards because of fast changing scenario. Technology updated should be adopted at the earliest to avoid the fear of losing market.