The Management Science Behind Our Benchmarking Programs
The authors' basic premise is that by sharing insights and perspectives
with a group of peers, managers can stay abreast of industry trends and combat
"Industry Peer Networks (IPNs) help members learn vicariously from the
experiences of their peers and address deep-rooted problems common to many
companies. These problems assume various forms, but the most important
can be categorized as myopia and inertia." Myopia is defined as managers'
tendency to "emphasize the importance of familiar things." About inertia
the authors write, "Related to the problem of myopia is that of inertia.
Employees and managers alike tend to cling to assumptions and time-tested
ways of doing things and companies grow comfortable in their familiar niches...
This inertia is usually accompanied by a sense of overconfidence, based
on the belief that things will continue as they are. There are many instances
of now defunct companies that saw themselves as market leaders with superior
products and customer loyalty, only to fall victim to wishful thinking
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For more information contact:
Dan Balkin: (410) 772-1161 • email@example.com