The Benefits of Benchmarking
Benchmarking is a common practice and sensible exercise to establish baselines, define best practices, identify improvement opportunities and create a competitive environment within the organization. Integrating benchmarking into your organization will result in valuable data that encourages discussion and sparks new ideas and practices. At its best, it can be used as a tool to help companies evaluate and prioritize improvement opportunities.
Benchmarking can allow you to:
- Gain an independent perspective about how well you perform compared to other companies
- Drill down into performance gaps to identify areas for improvement
- Develop a standardized set of processes and metrics
- Enable a mindset and culture of continuous improvement
- Set performance expectations
- Monitor company performance and manage change
Sound complex? It doesn’t have to be.
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