Top Reasons for Benchmarking Your Business Practices

There is a natural tendency to want to compare ourselves to others. How do we stack up with the competition? What are we doing well? Where do we need to improve? But since we often only know what we know, it can be difficult to make such a comparison. So, benchmarking is our way of comparing best industry practices against our processes to identify performance gaps and areas for improvements. We can apply benchmarking against any process, approach, or function. We can focus on measures like quality, time, cost, effectiveness, and customer satisfaction to distinguish the need for improvement.