Benchmarking

Bench-Marking -

Benchmarking is a process where you measure your company’s success against other similar companies to discover if there is a gap in performance that can be closed by improving your performance. Studying other companies can highlight what it takes to enhance your company’s efficiency and become a bigger player in your industry.

Bench-Marking Process -

• The first stage of benchmarking is the most important in the process. Planning includes highlighting what you want to improve, who you will benchmark yourself against, and how you envisage success.
• After planning, benchmarking is about collecting information on your processes and how competitors do them. If you are looking to improve your customer service satisfaction rating you should understand the processes involved in the department, how calls and communication are dealt with, and also how it differs from your competition.
• Analysis of Data - Once you feel you have all the information you can gather, you can start to plot it and begin to understand the shortcomings you may have.

• Presenting findings to a department is never an easy thing, especially when you are proposing changes. Gathering and analyzing information is only worthwhile when you can implement changes and better the company in the process. Gaining buy-in from a department can involve concessions so make sure the MVP you present is accepted and will likely equate to the success highlighted in the planning stage.

• The implementation phase will have highlighted metrics and goals for success within a time frame so monitoring these is the only way of knowing the efficacy of the changes. Monitoring can be over a short or long period of time depending on the desired outcomes.

Benifits of Bench-marking -

• Competitive Analysis

By identifying areas you wish to improve on in your business and benchmarking your existing performance against competitors, your business can strive to enhance your execution tenfold. Using benchmarking this way has allowed businesses to gain strategic advantages over competitors and grow industry averages.

• Planning and Goal Setting

Once benchmarking has been carried out, goals and performance metrics are set in order to improve performance. These goals are new, more competitive targets for a company but they must be achievable. If goals are unrealistic to achieve teams become demotivated and goals are destined to remain unfulfilled.

• Understand Your Companies Advantages

Benchmarking identifies where your company is right now compared to where you want it to go. If you are looking at improving any process in your business, benchmarking is a way of looking at how you can excel and become more successful through outlining the steps needed to achieve your goal.

Comparing 4 vehicles -

• Maruti Suzuki Ertiga LXI

• Renault Kiger RXT

• Mahindra XUV300 W4

• After comparing I recommend Maruti Suzuki Ertiga LXI