The Necessity of Competitive Benchmarking
Competitive benchmarking, the practice of comparing a business's performance against its competitors, is a mainstay at most companies once a certain scale is achieved. Yet, benchmarking practices continue to be more of an art form than a science, often times resulting in key insights being missed and leaving you to wonder if the whole exercise is futile. When done correctly, however, benchmarking can systematically reveal performance gaps and improvement opportunities, highlight competitor strategies that need to be countered, and provide the right context from which to think more deeply about strategy.
- Recognize the types of performance that should be benchmarked.
- Understand how to build a repeatable analytical framework.
- Identify the proven combination of financial, internal operational data, and external 3rd party information to gain a competitive edge from performance benchmarking.
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