Benchmarking is a tool of strategic management, comparing standards and performance to industry best practices or other companies. Benchmarking could be internal between individuals, teams, departments and groups, and could be external between the peers in same or cross industries, further to external it could be competitor-to-competitor comparison of a product, service, process, or method. Organizations that perform both have the most to gain.
There are various other benchmarking techniques like Competitive, Industrial, Process, Strategic, Product and Corporate. Benchmarking helps to evaluate how well you perform as compared to other companies and also drill down into performance gaps to identify areas for improvement.
Benchmarking is a way of evaluating performance metrics and we help our client to identify and collect statistical data on performance and practices to develop such metrics.
Benchmarking is a way of discovering what is the best performance being achieved – whether in a particular company, by a competitor or by an entirely different industry. This information can then be used to identify gaps in an organization’s processes in order to achieve a competitive advantage and continuously improve operations.