Benchmarking creates the opportunity to provide a network of knowledge exchange and innovation between megatrends and across countries for the benefit of progressing lifestyles as well as sustaining humankind and our environment
The main value added from benchmarking compared to other improvement tools is to learn HOW to improve from others. At first, a company needs to decide what to do benchmarking on, then other partners will teach the company how to improve and then the appropriate changes need to be implemented. This formal benchmarking when properly done is what gives the major benefits – but benchmarkers need clarity in what they are after, not only in their scope but also being very clear on their outcomes for focusing improvement. The GBN differs between two types of benchmarking – read more about it here.
Direct Benefits of Benchmarking
- The company is analyzed.
- The companies or sections of companies are compared.
- Best practices are defined.
- Performance deficits are identified.
- Alternative solutions are evaluated.
Indirect Benefits of Benchmarking
- Promote an understanding of the own business processes.
- Question the objectives of the company.
- Verify the corporate strategy.
- Strengthen the competitive position.
- Initiate the process of continuous improvement (KAIZEN).