Maintaining a competitive advantage is ensured by benchmarking and appropriately implementing best practices across all aspects of the firm's value chain. Benchmarking for best practices requires good planning. Selecting benchmark partners is key to the process of defining, evaluating and adopting best practices. Strategic planning traditionally explores strengths, weaknesses, opportunities and threats internally within the firm and externally across the competitive landscape. A good planning process identifies gaps that could be potentially filled by best business solutions.
Business success depends to a great extent on good forecasting.
Best practices in forecasting will examine traditional regression analysis as well as moving average and exponential smoothing models. Inventory management and control represents another critical success factor that drives business success. Best practices include supply chain management, JIT and E-commerce interaction with vendors and customers. Cash flow management practices are examined with a view towards supporting the billing and collection process while maintaining expected levels of liquidity. Accounts receivable management practices are examined with a view towards supporting the billing and collection process while maintaining expected levels of liquidity.