The goal of your business should be to grow, improve processes, increase quality, decrease costs, and earn more money.
Where benchmarks act as a reference point to compare performance levels, KPIs measure performance against stated objectives. While both benchmarks and KPIs (key performance indicators) help you measure performance, they are distinct.
The performance metrics you get from these targets can be compared against others to help you determine best practices for improving your operations.
Using the information you gather from your analyses and comparisons to implement changes that will improve your company’s performance, products, and services.Ĭommon areas that you may want to target for benchmarking analysis include cost per unit, time to produce each unit, quality of each unit, and customer satisfaction. Comparing the competition’s processes and strategies against your own. Determining how and where other companies are achieving higher performance levels than your company has been able to achieve. The objective of benchmarking is to use the data gathered in your benchmarking process to identify areas where improvements can be made by: If another organization can produce the same type of product in less than 30 minutes, you can use their time as a benchmark for measuring your own processes and procedures. Is the 30-minute measurement good or bad? The only way for you to know is to compare against other data, such as the time it takes another organization to produce a similar product. A benchmark.įor example, suppose it takes 30 minutes to produce your product. These measurements don’t have much value on their own-that data needs to be compared against some sort of standard. In business, benchmarking is a process used to measure the quality and performance of your company’s products, services, and processes. 
#BENCHMARK RESEARCH REVIEWS HOW TO#
Below we’ll cover what benchmarking is, how the benchmarking process can help your business, and how to create benchmarks for a successful improvement plan. Through the benchmarking process, any business can compare itself against a standard and develop a consistent way of measuring performance. But how does a company determine whether it is successful? Businesses are always striving for high performance, from creating more efficient processes to selling more of their products and services.
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