Question
The two phases of the benchmarking methodology in Bain's Management Toolkit are the benchmarking phase and the post-benchmarking phase. In the benchmarking phase, you first determine the scope of the exercise, identify the Key Performance Indicators (KPIs) you will use to measure success, and then begin to collect data. You select a 'best in class' peer group to compare to. This can be a competitor who you want to out-perform or learn from. Then, you measure your performance against theirs. In the post-benchmarking phase, you develop an action plan to improve, track the plan's execution, and recalibrate as needed.
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is used to evaluate a process, task, or team in an attempt to gather information on areas to improve. There are two phases to this methodology: the benchmarking phase and the post-benchmarking phase. In the benchmarking phase, you first determine the scope of the exercise, identify the KPIs you will use to measure success, and then begin to collect data. To understand what success looks like, select a "best in class" peer group to compare to. This can be a competitor who you want to out-perform or learn from. Then, measure your performance against theirs. In the post-benchmarking phase, you develop an action plan to improve, track the plan's execution, and recalibrate as needed. The best benefit of the benchmarking process is an overall increase in the rate of organizational learning.
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