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Benchmarking (Part 3)
Written by: John HeapArticle Overview: Though benchmarking can be a complex process in practice, in principle it is quite simple. This article sets out a simple, straightforward strategy for establishing a benchmarking process.
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Benchmarking (Part 3)
Benchmarking (Part 3)
A strategy for benchmarking
Though benchmarking can be a
complex process in practice, in principle it is quite simple. A strategy for benchmarking can be set out as
follows.
Assign responsibility for
benchmarking to a key individual - and, if appropriate, set up a team or
taskforce to carry out the work.
Learn from others – do some
basic research into organisations like yours (though perhaps in different
sectors) who have tried benchmarking and might be willing to share their
experience (rather than their data).
Visit them; talk to them; learn from them.
Decide on the key areas you
wish to benchmark – probably your critical success factors. These should be clearly signalled in your
existing strategic planning and performance management processes.
Identify which of these might
be supported by:
·
internal
benchmarking (INT areas);
·
industry
benchmarking (IB areas);
·
competitive
benchmarking (CB areas).
For INT areas, establish
measurement and comparison processes and timescales.
For IB areas, investigate
existing datasets/services that might contain useful information.
For CB areas, identify
sub-areas where publicly available data might be useful and identify data collection
strategies for other areas (whether formal or informal).
Set data collection and
review schedules so that the benchmarking data integrates with other
performance management and planning/control activities.
Present the benchmarking data
– and your own performance data – in ways which make comparison simple.
Above all, analyse your own
performance data against the benchmark data to understand performance gaps –
and then set in place action plans (with clear goals and milestones) to address
those gaps.
Do's & Don'ts of BenchMarking
Why Benchmark?
Benchmarking (Part 2)
How to be More Effective Selecting Sales Candidates
The Important Distinctions Between Relationship, Collaboration and Performance Benchmarking
Article Tags: Benchmarking, Performance Improvement, Performance Measurement, Productivity
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