Benchmarking is a powerful tool for maintaining the competitiveness of the firm and it is a potential means to gain a competitive advantage. Benchmarking can lead to a much clearer understanding of a company’s comparative strengths and weaknesses. Also in a period of super competition, benchmarking encourages the organisation to look outwards, to be adaptable and to innovate.
There are four types of benchmarking: internal, competitive, other industry and global. Intelligentsia can assist with all of these.Competitive benchmarking is very valuable because it compares competing processes, and it is challenging because competitors are normally unwilling to share information with direct competitors.
Competitive benchmarking can be conducted at three levels:
Competitive benchmarking can be carried out broadly using two approaches. An anonymous study can be organised involving a group of competitors and the client. This would reveal certain industry benchmarks. Alternatively, or to supplement the anonymous survey, primary research can be carried out – for example, within the competition’s customer and supplier base to learn more about their processes.
Intelligentsia is experienced at conducting benchmarking studies, in particular competitive studies. We can assist you with all aspects of the benchmarking process, from developing the process, through to running an ongoing Business Process Improvement plan.
Benchmarking affects KPIs, redeploys resources, improves cost efficiencies, raises the quality of products, services, customer experience and much more. It is a very valuable competitive analysis tool and should be considered as part of any Competitive Intelligence process.
To learn more about Intelligentsia’s Competitive Benchmarking service and how it is helping clients increase the efficiency of their operations – click the above link.
Six sector practices that provide unique industry insight.