1-10.2 Benchmarking Analysis

Benchmarking analysis is a specific type of market research that allows organizations to compare their existing performance against others and adopt improvements that fit their overall approach to continuous improvement and culture.

Many types of benchmarking exist; the most commonly recognized are:

Benchmarking analyses often rely on both quantitative and qualitative measures to generate meaningful results. Quantitative analysis can provide metric-based outcomes, while qualitative comparisons often reveal best practices. The benchmarking process usually encompasses four steps:

  1. Planning.
  2. Analysis.
  3. Action.
  4. Review.

1-10.2.1 Step 1: Planning

1-10.2.2 Step 2: Analysis

1-10.2.3 Step 3: Action

1-10.2.4 Step 4: Review