Benchmarking


The primary focus of benchmarking is to measure and continuously improve an organisation’s processes, procedures and policies against that of best practice. By organisations rating their performance against others it can identify opportunities to create value, prioritise areas for improvement, compare performance against customer expectations and identify where change is necessary.

 

Effective benchmarking starts with an organisation setting a baseline, benchmarking its current performance levels internally in order to evaluate its performance relative to other organisations. Benchmarking externally can be split into three areas; competitive, industry and best-in-class.