Benchmarking to Compare with External (Professional, Industry, Regional) Standards.

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How it works

Context is provided by comparing data from one company to that of similar companies. Questions and comments like "How much better or worse are we doing than our competitors?", and "This doesn’t look so bad", or "What is doing on this?" are commonplace when reviewing data with managers that may contradict their perception or desired positioning.  Benchmarking provides a relative view of the data and is accomplished through a few key steps.

looks_oneIdentify industry groups for logical comparisons

Discussions with leadership as well as experience can yield desired comparator groups which include:

  • Same/similar industry
  • Company size (either revenue or number of employees)
  • Geographic region (e.g., US vs. EU vs Asia-Pacific, etc.)

looks_twoLocate the best benchmarking studies for the company

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