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Benchmarking aligns with the overall business strategy of a company by providing a standard to strive for. It allows a company to identify areas where they are lacking compared to industry leaders, and provides a clear vision of the potential improvements that can be incorporated into their own practices. This can guide strategic decisions and help the company to focus on areas that will provide the most benefit.
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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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The simplest form of benchmarking compares yourself to an industry leader and its most outstanding capabilities. This diagram visualizes that concept: the transparent part of the "our company" sphere implies capabilities that we're missing out on. The top portion of the "leading company" sphere represents the improvement potential that can be incorporated into your own organization's practices. (Slide 2)
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