Benchmarking !
Benchmarking is the process of comparing a company's performance metrics to industry standards or best practices from other organizations. It helps identify areas for improvement, set performance goals, and implement effective strategies. There are several types of benchmarking: Internal Benchmarking : Comparing performance within different departments or units of the same organization. Competitive Benchmarking : Comparing with direct competitors to understand market position. Functional Benchmarking : Comparing with organizations from different industries that have similar functions. Generic Benchmarking : Looking at processes or practices that are considered best in class, regardless of the industry. The benchmarking process typically involves: Identifying Objectives : Defining what you want to achieve through benchmarking. Selecting Metrics : Choosing the specific performance indicators to compare. Collecting Data : Gathering information from internal sources and external benc...