Project Management - Benchmarking
All companies want to be hailed as “best in class”, but how do you find out whether your company is currently good, bad, indifferent or at the top of the league in the things that matter in your sector of industry?
The answer lies in Benchmarking, which is a technique used by successful companies in all sectors of business, to help them become as good or better than best in class, in the most important aspects of their operations.
Companies, large or small, all have one thing in common: a recognition that profitability and growth comes from a clear understanding of how their business is doing, not just against its own performance last year, but against the best it can measure.
Benchmarking is not about industrial spying or cloning the success of other companies. Its real objective is to build on the success of others to improve future performance. By benchmarking you are simply researching current best practice instead of dated ideas, and should always be carried out with the aim of putting improvements into action.
Benefits of benchmarking include:
- A better understanding of your customers and competitors
- Higher customer service levels
- Reduction in waste, quality problems and reworking
- A stronger reputation within your market
- And as a result of these increased profits and sales turnover