Benchmarking is a form of analysis and measurement that compares one’s own results and scores to the results of other entities usually recognized as leaders. Benchmarking can be used as an analytical mechanism in the process of designing development activities in an organization.
Worth to know
- Benchmarking is a method to innovatively improve processes or products by focusing on one aspect and searching for the best solution. It allows for the implementation of known solutions in situations, where they have not been used before.
- Benchmarking forces the company to precisely analyze its own problems, which helps find areas, where there is room for improvement and growth (the result of benchmarking is usually new ideas, urges for action, and further improvement, development, and changes).
- Correctly implemented and used benchmarking encourages regular grading and the setting of higher standards every time, which influences an increase in the quality of products and services.
- One form of using the benchmarking method is an identification of spaces, where a certain task is best performed - educators may find inspiration in game creators, who are experts in engagement, marketers who are experts in client analysis and building relations with them, or for example book authors, who are the masters of storytelling.
- The effect of benchmarking activities is usually an implementation of specific methods in a new context. A lot of these methods, such as Personas, Design Thinking, and Agile, have expansive theoretical and practical literature and available training courses. All of that can meaningfully speed up the implementation of new solutions in an organization.
- Benchmarking works in organizations with a culture open to new, unconventional solutions, where innovation is an important value.
- Benchmarking is sometimes seen as “imitation”, which is copying solutions without any adaptation to the specifics of their own processes. One of the traits of benchmarking is an innovative approach to the learned methods and their conscious implementation in the new context.
- In development processes benchmarking can be very valuable as it allows for an understanding of goals and methods of their realization, analysis of markers (so-called KPI) and factors influencing their realization, and also the search for the best solution to specific business processes.