What is benchmarking and how is it used?
Benchmarking is the process that measures all the actions carried out by a company.
Benchmarking is the process that measures all the actions carried out by the company and compares them with the competition. In addition to taking into account the advertising campaigns and communication strategy of the competitors, use it for your own benefit.
In this process, opportunities for improvement are identified, which could mean a modification of the characteristics of the products to match a competitor's offer or the resizing of services, among others.
Follow the process in detail:
- Choose an internal product, service or department for the benchmark.
- Determine the best companies with which you should contrast or with which you would compare your business models
- Gather information and metrics in the internal procedure
- Compare data from both organizations to identify gaps in company actions
- Adopt the processes and policies that are among the best.
To compare the data you will need to decompose internal processes to calculate performance metrics and quantify to make accurate comparisons. It is important to have human resources to carry out changes that make a difference for the company.
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