The process for obtaining a measure – a benchmark: Simply stated, benchmarks are the “what,” and benchmarking is the “how,” of the process. Benchmarking without the right tools is not a simple process. Before undertaking a benchmarking opportunity, it is important to have a thorough understanding of the company’s guidelines around data and communications. You may find there are strict guidelines as to what information can be gathered, and who can be contact to get that information.
When making use of benchmarking, a company should not limit the scope to its own industry, nor should benchmarking be a one-time event. Look to capture data from alike industries, as diversification and evolution is important and you may find insights there.
There are 3 key factors to benchmarking success:
-
Asking the right questions upfront, knowing what stakeholders wish to achieve from the process.
-
Using an online tool to ensure maximum participants can join the process with ease
-
Communicating results and repeating the process annually with added feedback from the previous year, to ensure your evolving the process and gaining maximum results
Are you an Accountant or Business Advisor? Fill out the below form for a FREE TRIAL of the Benchmark Suite.