Benchmark in simple word, how are you doing when you compare with your competitor.
It can be tricky to benchmark without proper sequence. It can distract you from one way to another.
With a defined 5 step process, you can check yourself and improve your business as below: Try IT !
•Determine Current Practices •Select problem area •Identify key performance factors •Understand your own processes and processes of others •Select performance criteria based on need and priorities
•Identify Best Practices •Measure the performance within the organization •Determine the leader(s) in the criteria areas •Find an internal or external organization to benchmark with
•Analyze Best Practices• Visit the organization as a benchmark partner•Collect information and data of benchmark leader•Evaluate and compare current practices with the benchmark•Note potential improvement areas
•Model Best Practices•Drive improvement changes to advance performance levels•Extend performance breakthroughs within the organization•Incorporate the new information in business decision making•Share results with benchmark partner•Seek other benchmark leaders for further improvement
•Repeat the cycle