Benchmarking what is it for?
In an environment like the current one, where globalization and technological dependence have transformed the market into a much more dynamic and competitive entity, the concept of continuous improvement must be a priority in those companies that want to achieve good results and grow in the future.
Using benchmarking as a technique to improve processes, products and services is one of the best alternatives, looking for successful companies that are doing well, and comparing them with your own to be able to apply improvements.
Next, we will see what benchmarking is and its importance in the continuous improvement process of any business .
What is benchmarking and what is it for?
Benchmarking has the meaning of making or taking comparators ( benchmark ) and refers to the process of collecting, creating, comparing and analyzing information that allows evaluating the functioning of products, services and processes within a company with the aim of improving them. Benchmarking is based on a series of indicators (metrics or KPIs ) that allow controlling and analyzing both the internal processes of a business and its competition.
In benchmarking, companies are used as a reference to make a comparison with the business itself in order to detect those points that can be improved and apply the changes and corrections necessary to achieve this.
The main objectives pursued with benchmarking are:
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Increase the level of efficiency with which the different business processes are carried out.
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Increase efficiency by making better use of resources and reducing the time and effort necessary to carry out the company’s usual tasks.
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Implement a system of continuous improvement , which does not remain in specific and isolated actions.
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Become a benchmark within the sector .
Why is it good to contrast this data?
This entire marketing benchmark process generates a large amount of information that must be processed, analyzed and verified in order to evaluate whether the improvement reports obtained are reliable, and the changes proposed to be made in the company will have beneficial results for it. .
It is important to make a good selection of the companies that are going to be the subject of study in order to have the necessary resources to face this process. If you do not have the capacity to carry out an in-depth study and analysis of a company because you do not have the resources or access to the necessary data, benchmarking will be a real waste of time, and the conclusions obtained will be worthless.
Benchmarking and its definition tell us that comparison with other companies is one of the best ways to improve the weak points of the business and strengthen the strong ones.
In the benchmarking process, a large amount of data is collected, both externally and externally. Contrasting and making use of all this information can be a competitive advantage for the company.