Top Reasons for Benchmarking Your Business Practices
File Type: PDF
Subject: Business Strategy
There is a natural tendency to want to compare ourselves to others. How do we stack up with the competition? What are we doing well? Where do we need to improve? But since we often only know what we know, it can be difficult to make such a comparison. So, benchmarking is our way of comparing best industry practices against our processes to identify performance gaps and areas for improvements. We can apply benchmarking against any process, approach, or function. We can focus on measures like quality, time, cost, effectiveness, and customer satisfaction to distinguish the need for improvement.
All successful companies are constantly benchmarking their competition. They have to know what they have to match up with day-in and day-out if their company is going to be successful.
-James Dunn, Business Analyst Learnings