How Benchmarking Can Give You A Competitive Edge

Benchmarking is one of the best tools your company can have for success.

This ondemand course will help you make sure you are up to speed on your benchmarking efforts. Benchmarking mirrors the continuous improvement efforts that may already exist in an organization. It helps blend continuous improvement and breakthrough improvement into a single change management system. While benchmarking readily integrates with strategic initiatives such as continuous improvement, re-engineering, and total quality management, it also delivers value to the organization on its own as a discrete process. When an organization begins a benchmarking initiative, a common mistake is to limit the benchmarking activity to industry peers. Benchmarking industry peers are essential; however, most organizations already have a good idea how their industry performs. For breakthrough improvement, it is imperative to learn from other industries performing a similar process successfully. Learning from other organizations and using their successfully demonstrated practices, ideas, and insights reduces costs and cycle time and ultimately provides a competitive advantage in the marketplace.