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Defining Excellence

Benchmarking saves money, but finding the right comparables is hard

By Susan Kelly | Updated on August 01, 2004

There is one word that should send a chill up the spines of every member of the finance department at the Carlson Companies: benchmarking. Since the mid-1990s, Carlson, a privately held concern with an assortment of properties in hospitality, travel and marketing, has undergone three waves of substantial restructuring in finance, each triggered by a benchmarking analysis.

The most recent overhaul followed a benchmarking evaluation by The Hackett Group, a leader in such testing, which showed Carlson’s finance costs to be in the top quartile of big spenders on finance. Ouch!

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