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John Wiley and Sons Ltd, Feb 2008, Pages: 430

Corporate Management, Governance, and Ethics Best Practices is an essential reference offering best practices that lead to better management and, ultimately, to good corporate governance.

S. Rao Vallabhaneniis an educator, author, publisher, consultant, and practitioner in the business field, with more than thirty years of management and teaching experience in manufacturing, finance, accounting, auditing, and information technology. He has authored more than fifty books on business.

"Best practices" refers to processes, practices, and systems that are identified in top-performing public and private organizations and are widely recognized
as improving the organizations' performance and efficiency in specific areas. Successfully identifying and applying best practices can reduce business expenses and can improve organizational efficiency.

1 A best practices review or best management-practices review can be applied to a variety of processes, such as payroll, travel administration, employee training, procurement, accounting and budgeting, transportation and distribution, maintenance and repair services, and information technology (IT).

The decision to use a best practices
review should be made in a larger context that considers the strategic objectives of the organization and then looks at the processes and operating units that contribute to those objectives.

Ask questions like:
• What drives the costs in a particular process?
• Is the process effective in achieving its goals?

An initial step is to determine all the variables that contribute to the expenditures associated with the area. Another early step is to start with the areas that the customers think are of major importance to the organization being reviewed.

Identifying the scope of the process to review is not always easy. It is not always clear where to start and where to stop when one decides to benchmark a process. It is important that the entire process be considered, rather than just part of the process.

If an organization fails to capture the entire process, then it is simply pushing costs into other areas of the process or creating an improvement that is inhibited by trying to marry old ways and new ways when the two conflict with each other. However, one cannot look at everything. At least initially, select a process that is about ready to accept change.

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