“If you know your enemies and know yourself, you will not be imperiled in a hundred battles. If you do not know your enemies nor yourself, you will be imperiled in every single battle.”
Benchmarking is the process of comparing one’s business processes and performance metrics to industry bests or best practices from other industries. Dimensions typically measured are quality, time and cost. In the process of best practice benchmarking, management identifies the best firms in your industry, or in another industry where similar processes exist, and compares the results and processes of those targets. In this way, we analyze how well the targets perform and, more importantly, the business processes that explain why these firms are successful. This analysis can be used to identify gaps and solutions in an organization’s processes in order to achieve a competitive advantage.
Indeed, the strategic benchmarking is that its techniques can be analyzed at most levels of an organization and particularly at the top. There are two insights of benchmarking methods.
- Competitive benchmarking locally
- World class benchmarking
Benchmarking can be internal analysis by comparing performance between different groups or teams within an organization or external analysis by comparing performance with companies in a specific industry or across industries. Within these broader categories, there are different specific types of benchmarking that we are expert as follows:
- Process benchmarking
- Financial benchmarking
- Benchmarking from an investor perspective
- Benchmarking in the public sector
- Performance benchmarking
- Product benchmarking
- Strategic benchmarking
- Functional benchmarking.
- Best-in-class benchmarking
- Operational benchmarking
- Energy benchmarking
Also our benchmarking analytic process is used in management and particularly strategic management, in which organizations evaluate various aspects of their processes in relation to best practice company’s processes. Our expertise allows your organization to develop plans on how to make improvements or adapt specific best practices, usually with the aim of increasing some aspect of performance. Our benchmarking analysis is treated as a continuous process in which your organization continually seek to improve its practices as we provide these professional services below:
- Competitor Mapping
- Market Share Assessment
- Competitor Product Evaluation
- Competitive SWOT Analysis
- Industry Fragmentation/Consolidation Assessment
- Competitor Trend Analysis
- Barrier to Entry Evaluation