Classification: Internal Use

Competitive Benchmarking: A metric for improvement Competitive benchmarking is the

system of measuring the performance of your organization with a number of competitors
using a set collection of metrics. Which can be used to measure the performance of an
organization and compare it to others over time and emulating best practices for continuous
improvement. It often involves looking at the practice behind these metrics as well. It helps
you get an organized overview of your company and how it performs on different levels, you
can also keep competitive. Competitive benchmarking can fit around your business and its
departments, being as broad or as granular as you like. Of course, there’s no set approach. It
all comes down to do your goals and what areas are important to you. What is the
importance of competitive benchmarking?

Internal Benchmarking: Its Effective Implementation Internal best practices can be identified
by an organization from multiple sources. For midsize and large organizations it is true with
multiple division, warehouses or business units. If a company is benchmarking a customer
fulfillment process, for example, employees involved in the effort may look across various
warehouses to determine the best performance of the warehouses. You need to implement a
process designed to promote idea sharing in order to be effective at internal benchmarking.
Here are four simple steps to help you get started: • Determine which processes to
benchmark • Organize the benchmarking effort • Designate the ideas the team finds, and
utilize them by turning them into projects with timelines for adopting the best practices you
Classification: Internal Use

have found • Execute and start to realize the benefits What are the benefits of benchmarking
internally?

Benchmarking:

A continuous improvement Key The system of comparing business operations and

performance metrics to industry foremost and best practices from other organizations. The
estimated dimensions in most cases are quality, time and cost. Types of Benchmarking Below
are the four primary types of benchmarking; 1. Internal benchmarking: In an organization, it
is a comparison of a business process to a similar process. 2. Competitive benchmarking: it is
a direct competitor-to-competitor comparison of a product, service, process, or method. 3.
Functional benchmarking: it is compared to similar or identical practices within the same or
similar functions outside the immediate industry. 4. Generic benchmarking: It mainly forms a
concept of unrelated business processes or functions that can be practiced in the same or
similar ways regardless of the industry. How has benchmarking worked for you as a
professional?
Classification: Internal Use