What are the different types of benchmarking that a business can undertake?

There are several types of benchmarking a business can undertake. These include process benchmarking, performance benchmarking, strategic benchmarking, and product benchmarking. Process benchmarking involves comparing internal business processes with those of other businesses. Performance benchmarking uses quantitative data like metrics and KPIs to compare performance. Strategic benchmarking involves comparing strategies and processes using qualitative data on people and resources. Product benchmarking compares the company's products with those of competitors. Another way to categorize benchmarking is internal vs. external. Internal benchmarking looks within the organization, while external benchmarking examines the organization's position on a more macro level.

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There are different types of benchmarking you can undertake. The common ones involve business processes, products, strategies, and/or performance. To benchmark performance, use quantitative data like metrics and KPIs. To benchmark strategy and processes, use qualitative data on people and resources. Another way to break down benchmarking types is by internal vs. external. Here, we've listed some examples for each. Internal benchmarking typically looks within the organization, whereas external benchmarking examines the organization's position on a more macro level (Slide 6)

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Business Benchmarking

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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