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Digital Transformation

Market & Technology Benchmarking

In order to improve itself, an organisation must first know itself. Benchmarking gives enterprises this insight, to know how they compare to competitors or to industry best practices, across departments from Operations and IT to Sales and HR. 

Managers frequently aim to achieve continuous improvement, and ultimately operational excellence – but without a yardstick to measure against, these targets can be arbitrary, and even unhelpful. Benchmarking provides regular measurement of the performance of whatever aspect of an organisation or department is required: products, services, processes, technologies, and so on. 

By benchmarking performance against competitors, other relevant organisations or even other internal departments, an enterprise can make a meaningful assessment. And by analysing relevant case studies, managers can gain experience of superior performance – and start the process of changing to meet or exceed that level of performance. 

Once an organisation has identified key best practices to follow, it can tailor them to suit its particular structure and mission, and begin embedding them within its own systems and processes – and then benchmarking them, in a cycle of continuous innovation. 

Depending on the client’s requirements, benchmarking can cover many different areas, such as:

  • Competitor benchmarking
  • Price benchmarking
  • Product / service benchmarking
  • Technology benchmarking
  • Innovation benchmarking 

Who needs it?

Companies should look into applying benchmarking if they need to:

  • Enhance performance:
    Benchmarking identifies key processes and focus areas to be addressed in order to improve operational efficiency and product or service design.
  • Recognise cost position vs. competition and/or best practice: Benchmarking can uncover a company’s relative cost position, and provides useful information to identify the origin of costs, and associated drivers around expenditure.
  • Assess capability gaps:
    Benchmarking helps companies assess their key competencies required for building and maintaining competitive advantage, and identify any gaps within these competencies.
  • Challenge “status quo” approaches, and accelerate the rate of organisational learning:
    Benchmarking helps challenge established beliefs within an organisation, and brings new ideas into the enterprise while facilitating experience sharing. 

Injazat’s Benchmarking Approach 

Injazat offers a systematic approach to benchmarking, based around core best practices but tailored to your individual organisation: 

  • Interviews with senior management to:
    • identify the key business questions to be answered through benchmarking;
    • qualify and quantify these questions to ensure they are measurable;
    • develop an initial set of hypotheses about what benchmarking might find.
  • Selection of the specific products, services, processes, capabilities or organisation to benchmark.
  • Identification of the key metrics to be used to perform the benchmarking (e.g., for a product: its price, the performance, durability, the features, etc).
  • Selection of companies or internal departments to benchmark against.
  • Collection of data on performance and practices, either making use of existing data or performing new measurements.
  • Analysis of the data, and comparison against market best practices and internal targets (including normalisation of the data in order to make values comparable).
  • Identification of root causes, explaining differences from other organisations benchmarked, and potential opportunities for improvement.
  • Development of a plan to adapt, then adopt, best practices.
  • Implementation of this plan, including the establishment of reasonable goals.

 

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