This process identifies opportunities for improvement, which could mean modifying product features to match a competitor's offering or resizing services, among others.
Follow the process in detail:
- Choose a product, service, or internal department for the benchmark.
- Determine the best companies to benchmark against or compare your business models.
- Gather information and metrics in the internal process.
- Compare data from both organizations to identify gaps in the company's actions.
- Adopt the best processes and policies.
To compare the data, you will need to break down internal processes to calculate performance metrics and quantify them to make accurate comparisons. It is important to have human resources to implement changes that differentiate the company.