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Seeing Results with Benchmarks

A quicker, cleaner close at Eastman Chemical

By Richard Gamble | Updated on January 03, 2011

Nothing shows Eastman Chemical’s focus and solid ground game better than its participation in benchmarking, a tool for developing best practices and continuous improvement. “It shows you how you are doing compared to other well-run companies,” CFO Curt Espeland says. “It lets you go to management and develop a road map for improvements. And it helps us prioritize.”

The Atlanta-based Hackett Group applies benchmark formulas to dozens of indicators of efficiency and effectiveness and designates the top performers –less than 10% of its universe–as world class. Eastman falls in that elite group for its finance performance, says Bryan Hall, a principal in Hackett’s finance transformation practice.

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