Benchmarking
Benchmarking is an activity that is commonly misunderstood. It is not simply a comparison of numbers - it is an activity that is associated with seeking out the 'best of the best' and then striving to surpass it. Consequently, seeking out 'the best' is critical, because if this is not done then surpassing what may be 'average' or 'poor' is of no real value to a business.
There are a number of different types of benchmarking.
Performance benchmarking
This refers to the comparison of process outputs (i.e. products or services) as a means of identifying opportunities for improvement, setting performance targets and understanding your position relative other organisations.
Process benchmarking
This refers to the comparison of the actual processes (as opposed to just performance levels) in order to gain detailed knowledge of how improvements can be made.
There are several types of process benchmarking.
These are commonly categorised as Internal, Functional, Competitive, Generic, Strategic and Tactical.
Research indicates that very few small and medium sized organisations are aware of the dramatic improvement in business performance that can be achieved through formal benchmarking or even just the simple sharing of business practice with other high-performing, forward thinking, organisations.
Benchmarking and best practice sharing exercises are not expensive, if done properly, and we are able to help you get started and rapidly become self-sufficient.