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Benchmarking

Benchmarking World

What Is Benchmarking?

Benchmarking is the procedure of contrasting your own company, its procedures or procedures versus various other companies in your industry or in the broader market. Benchmarking can be applied against any type of item, process, feature or strategy in company. Typical centerpieces for benchmarking initiatives consist of measures of time, expense, high quality and also performance, and customer complete satisfaction.

The intent of benchmarking is to contrast your own operations to that of rivals as well as to create concepts for enhancing strategies, modern technologies, as well as procedures to lower prices, increase profits and also enhance consumer loyalty as well as contentment. Benchmarking is a vital component of constant improvement and quality initiatives, including 6 Sigma.
Why Should Your Company Criteria?

The situation for benchmarking suggests that a certain procedure in your company can be reinforced. Some companies benchmark as a means to improve discrete areas of their company and display rivals’ shifting methods and also techniques. Regardless of the motivation, growing an exterior view of your industry and competitors is an important part of reliable management techniques in a world that is constantly altering.

There are a variety of core vehicle drivers of benchmarking initiatives in a firm:

One of the most common motorist for benchmarking comes from the inner point of view that a procedure or technique can be improved. Organizations will accumulate information by themselves efficiency at different moments and also under different situations, and also recognize voids or locations for reinforcing.
Numerous companies contrast themselves to competitors in an effort to identify and also eliminate gaps in service or product delivery or to get an one-upmanship. The information gathered in an affordable benchmarking campaign offers particular understandings right into a rival’s processes and also reasoning.
The term “tactical benchmarking” is made use of to describe when a firm is interested in contrasting its performance to the best-in-class or what is considered as world-class efficiency. This procedure commonly includes looking past the firm’s core industry to companies that are understood for their success with a specific feature or process.

The Limitations of Internal Benchmarking

While it is essential to monitor and also determine efficiency for all crucial organisation processes, companies must be wary of acting based entirely on an insular or internal view of their operations. A company that is preoccupied with itself conveniently misplaces rivals and broader-world technologies and the transforming demands of customers.
Strategic Benchmarking

Looking past your very own sector for the best-in-class efficiency of particular processes or features is an excellent means to test your firm to rethink longstanding assumptions and methods. Southwest Airlines notoriously evaluated the procedures, approaches, as well as the speed of car auto racing pit crews to obtain ideas for enhancing their aircraft turn-around time at the gateway. The result of this benchmarking study is reported to have assisted Southwest reconfigure its gateway customer, cleansing, and upkeep loading operations, as well as to have conserved the business numerous bucks annually.
Benchmarking Data Is Typically Offered for Acquisition

Many markets as well as sector- or consumer-related organizations release relative data invaluable to the benchmarking procedure. As an example, consumers interested in the high quality of pre-owned or new autos can seek to the company that publishes Consumer Reports for its thorough testing as well as reporting outcomes on brand-new and also pre-owned cars.
Specifying a Benchmarking Initiative

Methods differ because any kind of process, item, or function in a business is qualified for benchmarking. Usually, the benchmarking process includes:

specifying the subject of the benchmarking research
defining the process or credit to be examined carefully
picking and also specifying the procedures
picking the comparison collection
accumulating information on both the benchmarking topic and contrast collection
examining the data and also identifying gaps as well as distinctions
assessing the origin of the differences or spaces
specifying a renovation initiative, complete with objectives
interacting the objectives
implementing the enhancement campaign and determining outcomes
reporting on the outcomes, determining improvements as well as repeating the procedure

Benchmarking Examples

A firm thinking about enhancing their customer service practices may contrast its own procedures as well as metrics versus those of its most successful competitor. It may begin boosting its procedures to reinforce its performance if it determines negative disparities or differences in steps. The firm will certainly measure the rival and also observe’s operations, as well as in some markets, it will certainly send out in workers as customers to obtain straight experience.

Every 2nd gained without sacrificing consumer top quality will enable the firm to increase its revenues. Over the years, competitors have actually constantly innovated their drive-thru procedures’ arrangement, such as the number of windows, the food selection, the audio speaker boards and also buying methods in an attempt to enhance their performances.

One company, Chum’s Sudden Service, a small hamburger as well as hot dog chain as well as a Baldrige High quality Award winner, is so effective at accomplishing best-in-class performance for drive-thru as well as total dining establishment procedures, that it has opened an academic institute to educate other companies. Lots of companies in the fast-food market usage Chum’s as a best-in-class criteria for their own operations.
All-time Low Line

Benchmarking is a potentially effective device to promote constant enhancements in a company. Treatment should be taken to define benchmarking initiatives deliberately as well as medically, or the results could be deceptive.

Press Releases

Press Releases

The Benchmarking Network

September 23, 2013

The Benchmarking Network Announces Study-

Capacity Planning and Management Benchmarking Study

Houston – September 23, 2013

The Benchmarking Network announced a new benchmarking study that will kickoff in the area of Capacity Planning and Management. Now is the time to become a sponsor and get involved in setting the focus and direction of the study. The study will use an in-depth benchmarking survey to gather processes, practices, technologies used, and measures data so that the top performing companies can be identified. As a sponsor you will participate in on-site site visits to those companies exhibiting “best practice” performance level. The site visits have an all-encompassing process review that covers the whole process as well as key areas identified as outstanding practices.

The study will review Capacity Planning and Management including research into:

  • Sources of forecasting data;
  • Planning Models;
  • Capital Planning;
  • Estimation and Budgeting techniques;
  • Project Management; and
  • Other Capacity Planning and Management issues.

To receive detailed information on the content and focus of the study and how you can become a sponsor, contact us via phone at 555-555-5555 or online at http://benchmarkingnetwork.com/inforequest.

About The Benchmarking Network

The Benchmarking Network, Inc. (TBN) is an organization of experienced Benchmarking specialists solely dedicated to using Benchmarking to develop value-based performance improvement opportunities for corporations worldwide. We utilize proven processes and systems to streamline our efforts to achieve high impact results on a timely basis. We utilize our network of over 140,000 domestic and international contacts to provide the basis for successful global Benchmarking solutions.

Training

In-House Training

The Benchmarking Network™

The Benchmarking Network™ offers proven integrated training courses at your facility. The benchmarking methodologies we teach are based on the methodologies we have found being used by the best performers during our twenty years of service to our clients with “best practices” benchmarking study projects. This two-day training program helps people gain the skills to immediately conduct benchmarking study projects. Study projects that are designed to: Identify “best practice” organizations and process owners; Learn how to conduct productive site visits with these process owners; and Learn how to adapt the good ideas to their own processes.

Our two-day “how-to” workshop is to be attended by a project team or teams who are preparing to carry out an internal or external benchmarking study process. This is the right course for people who are going to be setting up project teams to immediately carry out benchmarking projects. Following this course, TBN provides approximately three days of project kick-off support activities to let the teams get started on their individual benchmarking studies. Pricing is subject to quote.

Studies

Studies

Benchmarking is the sharing of performance and operational information to continuously compare activities among organizations to identify “Best Practices” and improve performance.

Benchmarking has proven to be the most valuable process for identifying performance improvement areas. The measurement of the best performing companies leads to the identification and implementation of “Best Practices”.

The Benchmarking Network uses a proven study methodology that includes a dozen or more companies into a four to five month study cycle. Our process includes collecting measures of performance as well as the process information important to success. We then lead our sponsors to site visits at the “Best Practices” companies. This rapid turnaround minimizes cost while keeping the review at an appropriate level.


Fasttrakk™

A Fasttrakk&#8482 study is a rapid methodology that drives at rapid results that are obtained from groups interviewed by telephone. Sponsors defines the survey questionnaire. Up to 15 process and measures questions. TBN administers to a defined group of comparable peer companies. Results are summarized and presented in the form of a database. The advantages are speed and cost. A smaller question set is ideal for rapid answers and opening the door to further investigation.


Training

The first step in any successful Benchmarking project is establishing an adequate foundation of understanding of the Benchmarking process as it is defined by corporations today. The Benchmarking Network provides general and customized courses in Benchmarking.

“Introduction to Benchmarking” is a two day course. Participants gain complete understanding of the concepts of Benchmarking through identification and analysis of “Real Life” case study examples.

The Benchmarking Network will facilitate this course at your location or at other locations throughout the world.

All courses and course materials can be customized and licensed for your company and industry.


Research

The Benchmarking Network provides the necessary research support efforts in organizations engaged in Benchmarking activities. We provide basic research by:

  • Providing access to article databases on selected Benchmarking topics Conducting customized research on selected areas through the use of targeted surveys
  • Conducting telephone interviews with process owners
  • Our research is professionally summarized and presented to clients and participants in a form that key learnings can be derived with minimal effort.

Implementation Support

THE BENCHMARKING NETWORK supports study findings for its clients by:

  • Developing implementation proposals for client action;
  • Translating Benchmarking findings to support the clients’ business process reengineering efforts; and
  • Monitoring changes over time.

The Benchmarking Network maintains its independence from the findings by not providing full-scale implementation services. The best practices we identify are based on the results of the study. The objective of our efforts is to provide the highest value findings, not to continue to sell additional services.

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