Benchmark Data Team23/01/2023
Looking at this list below, you will quickly draw an understanding of the benefits of benchmarking and if your company or organization should in fact start a benchmarking process or project.
On top are the top 5 benefits a client provided back to us after recently completing a benchmarking project. Below the top 5 characteristics we all to commonly hear from new clients looking for clarity and improvements.
Benchmarking Benefits
- Know the best practices of successful businesses in your industry and alike industry
- Make informed decisions on continuous business and department improvement
- Partnering with stakeholders to openly talk about percentages
- In control of strategic competitive edge
- Evolving the company and planning for a better year ahead
No Benchmarking Alarms
- Performance measures have no KPI’s that directly relate to historical success
- Continuously making bandage or quick fix actions/tactics
- In a silo and or with tunnel vision
- Data on the industry is “nice to have”, not a strategic importance
- Attempting to mirror another company/process because they seam from the outside to be successful
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