Business Improvement Architects defines Benchmarking as, "The process of continuously comparing and measuring an organization against private and public sector leaders anywhere within and outside themselves, in order to gain information that will help them take action to improve their performance."
Benchmarking forces functions to analyze themselves against the best in class and to incorporate those practices into their operations. Business Improvement Architects engages organizations in benchmarking in order to:
- Satisfy customers
- Set performance standards and targets based on what others are achieving
- Pick up new ideas
- Exceed the achievements of the best in the field
Many organizations that we work with have found significant savings by undertaking a benchmarking study because it forces them to map their processes and eliminate waste, old practices and redundancies before they feel prepared to begin an external comparison.
The Business Process Improvement Benchmarking Process includes:
- Identifying what is be benchmarked
- Validating that the internal benchmark is clear, well documented and measured
- Identifying external benchmark organizations around the world
- Determining the best approach to collect the data
- Collecting and analyzing the benchmarking data
- Incorporating the benchmark findings into the organization’s internal benchmark process, structure, etc.
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