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Tell me about Benchmarking

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Marc

Hunkered Down for the Duration with a Mask on...
Staff member
Admin
#2
A measurement of the quality of an organization's policies, products, programs, strategies, etc., and their comparison with standard measurements, or similar measurements of similar companies and/or organizations.

The objectives of benchmarking are:
a. to determine what and where improvements are called for,
b. to analyze how other similar organizations achieve their high performance levels, and
c. to use the information to improve performance
 

normzone

Trusted Information Resource
#3
Competetive analysis - benchmarking your company against your competition.

This is the exciting homework assignment I was just given because I ask too many questions :)

Do any of you have an example of a good format for approaching this in? I'll be continuing my search, but I thought if I revived this thread I might get lucky.

Thanks all - Norman
 
#4
Benchmarking isn't necessarily a competitive analysis! Indeed, it's often futile to do that since one of the reasons to conduct benchmarking is to leverage other industries' ways of doing things.

It's a study of a business which has been shown to have "best in class" (for example) order processing. So, let's say McDonalds is a benchmark for that. They take and order and fulfill it in about 4 minutes. You don't have to be in the fast food industry to use that as a benchmark if you feel it would be of use to make your order taking faster!
 
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