Everything You Need To Know About Benchmarking

Benchmarking is a powerful method for breakthrough thinking, innovation, improvement and for delivering exceptional bottom-line results. Benchmarking is “the comparison of performance data that has been obtained from studying similar processes or activities and identifying, adapting, and implementing the practices that produced the best performance results”. This paper shows preliminary findings of the use and effectiveness of benchmarking (and other improvement tools) worldwide and the benefits obtained. It showcases a new benchmarking methodology called “TRADE” designed to encourage the trading / sharing of information and knowledge. TRADE has become the preferred benchmarking methodology in a number of countries. The paper also describes the Business Performance Improvement Resource, www.bpir.com, a leading benchmarking resource which has been designed to help organisations to learn from the best practices of others.

Keywords:

Best Practice Benchmarking , Performance Benchmarking