The Importance Of Being BenchmarkedThe Importance Of Being Benchmarked
Benchmarking has long been standard operating practice in the manufacturing industry. In the last 20 years, it's gotten more attention in the service industry. And now family offices are beginning to think about how they too can measure performance so they can compare themselves to their peers, improve quality and control costs.1 The top two U.S. family office industry groups, Chicago-based Family
August 1, 2006
Jon Carroll, managing director, Family Office Metrics LLC, New York
Benchmarking has long been standard operating practice in the manufacturing industry. In the last 20 years, it's gotten more attention in the service industry. And now family offices are beginning to think about how they too can measure performance so they can compare themselves to their peers, improve quality and control costs.1
The top two U.S. family office industry groups, Chicago-based Family Office Exchange (FOX) and New York-based Institute for Private Investors (IPI), recommend benchmarking as an effective way to improve business processes and outcomes. FOX uses its Office Complexity Index to measure the effectiveness of 10 family office metrics.2 IPI produces an a...
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