![]() Related: 7 Types of Metrics To Measure Business Success Purposes of benchmarkingīelow are some purposes of benchmarking to help you understand why this process is important in the workplace: This process can also inform both short-term and long-term departmental and organizational goals. ![]() You can conduct benchmarking within your own industry or expand it to review the wider marketplace. Benchmarking can measure the quality and effectiveness of policies, strategies, programs, services, products and processes within an organization and help leaders, team members and stakeholders improve business operations and outcomes. What is benchmarking?īenchmarking is a process a business uses to compare a team's operations, processes and products against other teams to gain insight. ![]() In this article, we explain what benchmarking is, explore its purposes, discuss eight types of benchmarking and share a benchmarking example to help you understand how this technique works. Using benchmarks in the workplace could help you gauge strengths and weaknesses and develop an insightful strategy for growth. Benchmarking is an important business strategy that involves measuring an organization's operations and output to identify areas for improvement. Business professionals use various techniques to evaluate a company's processes and performance.
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