How to do benchmarking?
Benchmarking is comparing processes and performance with those of the best performer in that area (benchmark) or the competition, to learn from this comparison and to improve it’s own performance. Effectively, systematically and continuously used, benchmarking can be a valuable tool in improving the performance of an organisation.
Benchmarking starts with measuring data, collecting it and comparing it. The comparison provides insight into how an organisation performs versus a peer group or benchmark. After comparing processes and performance, the organisation doing the benchmark project starts analysis of differences and learning about possible causes. The end result of benchmarking is improvement. Learning occurs when an organisation detects a lag in performance and finds out its cause. The gap between the perceived internal practices of an organisation and the perceived external practice, creates the need for guided change. The results of a benchmark are insight and performance improvement.
Benchmarking by Trade Associations
Businesses find it really difficult to get realiable market data and competitor data for effective benchmarking. Associations can play a very important role to help their members. We have created a set of articles, resulting in a book, on how associations can help their members to valuable benchmarking data and help them to improve.
You can read the whole book on our website. When the book is ready, there will also be a fysical book available.
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Want to know all about what the Compare 2 Compete benchmark tool can do for you? Download the Cases Whitepaper.
Want to know all about what the Compare 2 Compete benchmark tool can do for you? Download the ebook.