Understanding Benchmarking

Benchmarking is the continuous process of identifying, understanding and adapting best practices and processes that will lead to superior performance. Moreover, it measures an organization’s operations, products, and services against those of its competitors. Above all, it is a means by which targets, priorities, and operations will lead to establishing a competitive advantage.

Types of Benchmarks

• Internal/Company – It creates a baseline for external benchmarking. Moreover, it identifies differences within the company and provides rapid improvements though opportunities for improvement.
• Direct Competition – It arranges areas of improvement according to competition and is of interest to most companies. However, it often involves a limited pool of participants. Consequently, opportunities for improvement are limited to “known” competitive practices and lead to potential antitrust issues.
• Industry – It issues industry trend information and is a conventional basis for quantitative comparison though opportunities for improvement may be bounded by industry standards.
• Best-in-Class – It examines multiple industries to provide the best opportunity for identifying radically innovative practices and processes by building a brand new perspective but, usually difficult to identify best-in-class companies and get them to participate.

 

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