Benchmarking

Benchmarking is a process of comparing an organization’s performance to industry peers or best-in-class within a certain function, process or policy.

• Attributes of benchmarking can include cost, price, market share, headcount, processing times, quality metric or more subjective criteria

• Effective benchmark studies provide insight on where performance is strong and where it could be improved.

• Normally one organization initiates the study and invites selected peers or other companies to participate.

• Data can be collected via public records and desktop research, however the most insightful benchmarks are anonymous surveys sharing normally sensitive data which is not publicly available.

• A trusted third party, such as myself, can collect the data, analyze the results and produce custom reports for each participant company comparing their performance to the aggregated companies (average, mean, high, low) without revealing specific company data.

• Each study is designed to achieve the objectives of the initiating organization with further input from the companies agreeing to participate.