The Importance of Competitive Benchmarking

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competitor analysis

When we are carrying out a process or problem solving where input, process, and output are all strictly measured, the results are usually satisfying enough.

However, there are some cases where it is not enough just to make sure that the process is carried out perfectly.

Sometimes, competitive benchmarking consulting Asia is needed to get better results. 

Sometimes, it is also possible that certain parties such as people, divisions, units, and departments need more evidence that the work has been done in a good manner. The process of receiving this information is frequently called benchmarking.

Definition, Purposes, and Benefits of Benchmarking

Benchmarking is a process that is frequently used in management (specifically strategic management), where a unit, division, or organization measure and compare their work to similar jobs done by other parties internally or externally.

From the result of benchmarking, an organization can get an insight into the organization so it is possible to adopt the best practice to reach the desired targets. 

We should also keep in mind that benchmarking is not a one-time occurrence, but sometimes it could be a continuous process so the organization can get benefits from carrying out the best activities possible to enhance their jobs.

The benchmarking process has several methods. One of the most popular methods used by multiple organizations is the 12 method, which was introduced by Robert Camp in his book, The Search for Industry Best Practices that Lead to Superior Performance.

Steps of the Method

This method is actually too wide to explain. To make it easier, it will be better to categorize this method into six main parts.

Problem identification

Firstly, decide what will become the subject of this benchmarking process. Competitive benchmarking consulting Asia, asiacompetitiveintelligence.com, recommends choosing between processes, functions, outputs, et cetera.

Industry/Organizational Activity/Similar Businesses Identification

For example, if you want to control the turnover of voluntary employees in the company, look for similar companies that have information on voluntary employee turnover.

Identifying Industries that are leaders in similar fields

In the industry association, we can learn about what industries are the top leader in certain areas.

Conduct Survey

Competitive benchmarking consulting Asia recommends conducting a quantitative or qualitative survey to obtain data and information relevant to problems identified at the beginning of this process.

Pay a visit to a company’s best practice

Some companies don’t bother exchanging information for the improvement of both parties.

Implement the new and perfected business practice

Applying new techniques will surely get your company to a better place.

Hopefully, this information can help you!

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