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Benchmarking is a continuous process used in businesses to identify performance gaps and develop strategies to stay competitive. Some examples of successful benchmarking in business include Toyota's production system, which has been benchmarked by many automotive companies for its efficiency. Another example is the benchmarking of Apple's innovation strategies by tech companies. These companies study the practices of these successful businesses and try to implement similar strategies in their own operations.
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Benchmarking is more than just identifying gaps in performance and strategies to stay competitive. More importantly, it is not just a "one-time deal" – procedures are continuously examined and analyzed to deliver improved performances. So use benchmarking to seek out the best possible implementation at different stages of your business.
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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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