Benchmarking comes in various forms, choosing the right type of benchmarking for you involves a clear understanding of your goals and the areas you wish to improve. The start of the process is identifying what you want to benchmark, such as processes, performance, or strategic positioning. Competitive benchmarking might be beneficial if you’re looking to understand your market position, whilst process benchmarking could be more suitable for internal efficiency improvements.
We would consider with you the scope of your benchmarking, whether it’s going to be an internal comparison, or if you’ll be measuring against external entities. A mix of different types can provide a more comprehensive insight. It is imperative to ensure that the benchmarking type aligns with your long-term strategic goals to facilitate meaningful improvements. The reason for undertaking the benchmarking is to gain actionable insights, not just data for comparison’s sake.