BENCHMARKING
Last week, the Say U Consulting explained to you what it involves and what the advantages and disadvantages of the technique are Benchmarking. This week, to help you apply this technique more effectively, we’ll walk you through the step-by-step process and introduce you to the different types of benchmarking.
The Path to Success:
- Thorough knowledge of the company;
- SWOT Analysis: First and foremost, identify areas for improvement;
- Conduct market research;
- Identify companies whose strengths lie in areas where we are weak, and understand the strategies they follow;
- Develop a strategic plan that addresses our weaknesses and turns them into strengths;
- Implement the shares thought out;
- Constantly monitor the process to determine whether or not the desired results are being achieved and what needs to be changed;
- Continue with the process.
Different Types of Benchmarking:
Generic
Comparison of functional aspects to identify best practices for a given area.
Internal
The search for more effective practices to improve organizational dynamics.
Competitive
A detailed analysis of competition practices at all levels so that they can be overcome.
Functional
This type of benchmarking is independent of the companies' industry; it focuses on the actual work process, analyzing functions such as the distribution process.
Cooperation
In this case, there is effective cooperation among companies. They all share information about their processes with the goal of achieving growth at different levels, since this type of benchmarking is typically practiced among companies with very different strengths.