Are you looking for ways to improve your company's performance with BI strategies ? Benchmarking may be the solution. After all, it is a way to compare market best practices with your organization's processes, to identify performance gaps and gain a competitive advantage.
The best part is that benchmarking can be applied to any process or product. The process focuses primarily on measures such as quality, time, cost, effectiveness, and customer satisfaction to identify issues.
However, it is important to note that benchmarking is not a tool that brings quick success. Instead, it is an ongoing process to examine how competitors achieve high levels of performance, and what processes are used to maintain success.
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What is benchmarking?
We can define this concept as the process of analyzing products, services and processes, in comparison with competitors that excel in one or more aspects. Benchmarking can also help organizations identify areas, systems or processes for improvement, whether continuous or structural.
If you believe there is something that can be improved in your organization, it is important to gain insight into how it measures up to standards, so that you can make adjustments such as cutting costs, increasing efficiency, productivity or increasing revenue.
In other words, benchmarking helps your company establish an internal or external standard to compare itself to for the purpose of continuous improvement !
The main types
Technical Benchmarking
Technical benchmarking is performed by the design team to determine the capabilities of the product or service, especially in comparison to the products or services of major competitors. For example, on a scale of one to four, how would designers rate the properties of your company's product or service? If you are unable to obtain concrete data, the design efforts may be insufficient and the product/service may not be able to compete in the market.