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Benchmarking can help in developing new opportunities for growth by allowing businesses to compare their performance with others in the industry. This comparison can reveal areas where the business is underperforming, which can then be targeted for improvement. Additionally, benchmarking can highlight areas where the business is outperforming others, which can be leveraged for further growth. It can also reveal industry trends and best practices that the business can adopt to improve its performance and competitiveness.
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Comparisons to a top performer or industry leader not only examine the current business performance of your organization, but could also inspire new p...
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Compare the direct and indirect advantages of benchmarking. And use the knowledge to assess whether benchmarking could be a useful practice for your business. (Slide 5) A benchmarking timeline allows you to plot activities to benchmark, their duration, and progress across an editable timeframe. (Slide 7) Use a table to display key results from your benchmarking. Analyze how these results can be translated into key findings. And identify actionable items to act upon immediately or in the long run. (Slide 14)
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