What is Benchmarking?
Benchmarking is the process of comparing one’s business processes and performance metrics to industry bests or best practices from other industries. Dimensions typically measured are quality, time and cost.
Given the nature of today’s fast-paced complex business world, organisations increasing need feedback on how its performing. Benchmarking facilitates this process by taking an organisation from an internal and retrospective view to a view that is external and forward-looking and thereby facilitating improvements to business operations, increase overall effectiveness, and competitiveness.
Benchmarking helps to achieve:
- Understand how your services are performing in comparison with:
- Peer groups
- Average performers
- World class performers
- Help detect areas of weakness and provide indication of what needs to change
- Test operational complacency
- Provide practical examples for improvement
- Provide a balanced set of metrics to aid your decision-making
- Add meaning to the results and help
identify the next steps
We offer two types of benchmark: