Managers and owners often think about the opportunities to improve their business. They base their decisions based on comprehensive assessment of the situation and identification of business opportunities. Benchmarking analysis (or other approaches) in these cases serve as underlying tools. Benchmark is indeed irreplaceable in terms of business analysis.
Benchmarking analysis is a business improvement tool that helps company achieving business excellence. By using the benchmark analysis we strive to philosophy of continuous improvements.
In combination with other strategic and business performance improvement tools it provides a good basis for strategic and operational decisions.
Benchmarking analysis is suitable for companies at all stages of growth. With this tool we compare revenue/unit, cost/unit, productivity/unit, quality/unit and other key indicators in an easy and reliable way.
Speaking from the operational point of view, benchmark analysis points out the business fields and areas where significant further improvements are possible. However, when we speak from the strategical point of view, the tool allows us to determine the best practices of the leading companies in the industry and broader, namely from companies with similar processes from other industries that could be applied on the subject company.
There are several types of benchmarking, depending on what do we compare and with whom:
Type: Strategic benchmarking analysis
Purpose: Enhancing the strategy
Description: Comparing long-term strategy that have enabled the success of the companies being analyzed – stress on core competencies, abilities to respond to changes in the environment, and R&D.
Type: Competitive benchmarking analysis
Purpose: Reducing the operational gaps
Description: Comparing the key performance indicators and identifying operational gaps.
Type: Business process and business function benchmarking
Purpose: Improving key business processes and functions
Description: Comparing the key processes and functions with best practices.
The input data for the benchmark analysis are most of the time gathered based on publicly available information, financial statements, questionnaires and in-depth interviews. The sources of information are internal as well as external.
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