Measure data against your own performance or work to identify gaps, patterns, and opportunities for improvement.
Make a plan.
Data won't do much on its own.
Once you have a full analysis, use project planning to decide how you're going to set and use these benchmarks..
There are four main types of benchmarking: internal, external, performance, and practice. 1.
Performance benchmarking involves gathering and comparing quantitative data (i.e., measures or key performance indicators)..
Benchmarking is the process of measuring key business metrics and practices and comparing them—within business areas or against a competitor, industry peers, or other companies around the world—to understand how and where the organization needs to change in order to improve performance..
Introduction.
The essence of benchmarking is the process of identifying the highest standards of excellence for products, services, or processes, and then making the improvements necessary to reach those standards – commonly called “best practices”..
Strategic benchmarking
Use this type of benchmarking when you need to look beyond your own industry to identify world-class performance and best practices so you can look for ways to adapt their methods to your procedures and processes..
Often these external companies are peers or competitors, but that’s not always the case; for example, you can use benchmarking to compare performance, processes and practises across different industries.
Benchmarking, whether internal or external, is used in three key ways.
A subject that is not critical to the organization’s success won’t return enough benefits to make the study worthwhile.
Inadequate resources can also doom a benchmarking study by underestimating the effort involved or inadequate planning.
The better you prepare, the more efficient your study will be.
