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Some common misconceptions about business benchmarking include the belief that it's only about comparing numbers and metrics, that it's a one-time event rather than an ongoing process, that it's only for large corporations, and that it's a quick fix for performance issues. In reality, benchmarking is a comprehensive process that involves comparing business processes and performance metrics to industry bests or best practices from other industries. It requires commitment and time, and can be beneficial for organizations of all sizes.
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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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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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