Benchmarking is a systematic measurement approach that involves comparing products, processes, and performance against high-performing organizations. It is a common business practice that aims to learn from successful entities and adopt their best practices. Benchmarking requires collecting data to establish a baseline for comparison, set realistic improvement goals, and support informed decision-making.
The process of selecting benchmark companies can be challenging due to factors such as the diversity of available options. This template can be used to identify and select benchmarks as a preliminary step before starting an in-depth benchmarking exercise. It will assist in choosing companies and use their descriptions as a basis for prioritization. Therefore, it’s essential to provide detailed and specific information when filling in the description fields.
This template is a Microsoft Excel document that you can use and modify to align with your specific needs. It can easily be modified to include additional sections as needed. For example, you may want to add to the worksheet additional columns to include more features. You can also include performance metrics in the empty columns provided and use them as the basis for comparison.