For example, benchmarks could be used to compare processes in one retail store with those in another store in the same chain. External benchmarking, sometimes described as competitive benchmarking, compares business performance against other companies..
Clinics and hospitals often collect benchmarking data to evaluate patient wait times, recovery times, satisfaction, and quality of care.
Benchmarking can help you identify areas of opportunity within your business and your industry. For example, you might notice that your competitors are falling behind in a certain area, and you might be able to exploit that for your benefit. You might also pinpoint items within your own company that you can improve.
Benchmarks serve as a point of comparison for performance levels, whereas KPIs assess how well a process or activity is doing. For example, a company can use benchmarking to compare sales revenue with competitors, whereas it can use KPIs like lead conversion rates to evaluate the effectiveness of its sales process.
Financial Benchmarking
Example: A retail shop chain may compare its revenue, profitability, and market share to that of other similar-sized retail chains. This can assist them in identifying areas where their financial performance can be improved, enabling them to make educated decisions about their business plan.
Benchmarking real life example
1998 video game
Half-Life is a 1998 first-person shooter (FPS) game developed by Valve Corporation and published by Sierra Studios for Microsoft Windows. It was Valve's debut product and the first game in the Half-Life series. The player assumes the role of Gordon Freeman, a scientist who must escape the Black Mesa Research Facility after it is invaded by aliens following a disastrous scientific experiment. The gameplay consists of combat, exploration, and puzzle-solving.
14th episode of the 9th season of NCIS
Life Before His Eyes is the 14th episode of the ninth season of the American crime drama television series NCIS, and the 200th episode overall. It originally aired on CBS in the United States on February 7, 2012. The episode is written by Gary Glasberg and directed by Tony Wharmby, and was seen by 20.98 million viewers.
The Life of Pablo is the seventh studio
2016 studio album by Kanye West
The Life of Pablo is the seventh studio album by American rapper and producer Kanye West. It was released on February 14, 2016, through GOOD Music and distributed by Def Jam Recordings. Recording sessions took place from 2013 to 2016, in Italy, Mexico, Canada, and the United States. West and a variety of producers, including co-executive producers Rick Rubin and Noah Goldstein handled production. West enlisted guest vocals for the album from The-Dream, Kelly Price, Chance the Rapper, Kirk Franklin, Kid Cudi, Desiigner, Rihanna, Young Thug, Chris Brown, The Weeknd, Ty Dolla Sign, Vic Mensa, Sia, Frank Ocean, Kendrick Lamar, Post Malone, and Sampha.
Half-Life is a 1998 first-person shooter (FPS) game developed
1998 video game
Half-Life is a 1998 first-person shooter (FPS) game developed by Valve Corporation and published by Sierra Studios for Microsoft Windows. It was Valve's debut product and the first game in the Half-Life series. The player assumes the role of Gordon Freeman, a scientist who must escape the Black Mesa Research Facility after it is invaded by aliens following a disastrous scientific experiment. The gameplay consists of combat, exploration, and puzzle-solving.
14th episode of the 9th season of NCIS
Life Before His Eyes is the 14th episode of the ninth season of the American crime drama television series NCIS, and the 200th episode overall. It originally aired on CBS in the United States on February 7, 2012. The episode is written by Gary Glasberg and directed by Tony Wharmby, and was seen by 20.98 million viewers.
The Life of Pablo is the seventh studio album by
2016 studio album by Kanye West
The Life of Pablo is the seventh studio album by American rapper and producer Kanye West. It was released on February 14, 2016, through GOOD Music and distributed by Def Jam Recordings. Recording sessions took place from 2013 to 2016, in Italy, Mexico, Canada, and the United States. West and a variety of producers, including co-executive producers Rick Rubin and Noah Goldstein handled production. West enlisted guest vocals for the album from The-Dream, Kelly Price, Chance the Rapper, Kirk Franklin, Kid Cudi, Desiigner, Rihanna, Young Thug, Chris Brown, The Weeknd, Ty Dolla Sign, Vic Mensa, Sia, Frank Ocean, Kendrick Lamar, Post Malone, and Sampha.
