Our working definition of benchmarking for management is
‘a formal and systematic process of continuous learning by users from the collective experiences of comparable businesses’.
The motive for this learning is to gain an advantage in the interpretation and use of integrated technical, economic, environmental and social knowledge. When undertaken carefully, the benchmarking process provides a tangible link between strategy, operations and competitive advantage. This knowledge is instrumental to both the search for best production and processing practices and the implementation of actions which lead to superior performance.
We share the view that benchmarking data needs to be treated with caution to ensure comparable firms and environments are being considered and appropriate adjustments made when they are not strictly comparable. A fair bit of common sense is needed in the interpretation of data.
What Can We do For Your Organisation?
Benchmark analysis for firms to compare market, technical and financial practices Industry benchmarking for government or industry bodies Design of ready reckoners Survey work at both and industry and firm level
Our Approach to Performance Improvement
Benchmarking is not a substitute for proper analytical methods such as capital and partial investment budgeting. It simply provides a picture of the competitive landscape, nothing more. There is no single solution that can be deduced from a benchmarking program. Every firm faces a unique environment and has a unique set of resources and needs a unique solution.