![]() ![]() ![]() Several styles of benchmarking have been developed over time and each is best suited to a specific project type or organisation. Surveying many companies within an industry to identify best practices Measuring production or service delivery timelines of competing organisations Measuring a team's productivity at different points in timeĮxamining individual team members' performance to identify best practices across a team or departmentĬomparing sales figures for similar products made by different companies When implementing internal or external benchmarking projects, consider different strategies to find the approach that best serves your improvement goals.Ĭomparing the turnover rates of different departments Externally, an organisation can compare itself to other companies in its field. Internally, managers can compare the work of teams and departments to discover best practices based on their results. Viewing benchmarking examples can help you form a comprehensive understanding of both internal and external benchmarking processes. Related: What is benchmarking in business? (Plus benefits and types) Internal and external benchmarking examples Data collection is often a key component of benchmarking as it provides critical and objective information that can help increase productivity and efficiency. Depending on the sector, benchmarking can help organisations and managers identify effective marketing strategies, improve product development, streamline areas of waste and stimulate new and creative business ideas. You can use benchmarking to identify your industry's best practices so you can use them to your advantage. If you are not yet benchmarking, there are many compelling reasons to implement it as a regular business practice. What is benchmarking?Īs a sales or business development professional, benchmarking helps you gain a complete understanding of your position among your competitors by directly comparing your results to those of your peers, and it can be helpful to review benchmarking examples before you get started. In this article, we explain benchmarking and provide a variety of benchmarking examples. ![]() Understanding effective benchmarking can help you achieve important business functions such as planning long-term goals and targeting areas for growth. It can be a valuable tool to help a company improve and is an increasingly popular method of understanding an organisation's position in the marketplace. Benchmarking compares an organisation's products or results to those of similar businesses. ![]()
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