Benchmarking is a process of measuring the performance of a company’s products, services, or processes against those of another business considered to be the best in the industry. The point of benchmarking is to identify internal opportunities for improvement. By studying companies with superior performance, breaking down what makes such superior performance possible, and then comparing those processes to how your business operates, you can implement changes that will yield significant improvements.
That might mean tweaking a product’s features to more closely match a competitor’s offering, or changing the scope of services you offer, or installing a new customer relationship management system to enable more personalized communications with customers.
There are two basic kinds of improvement opportunities: continuous and dramatic. Continuous improvement is incremental, involving only small adjustments to reap sizeable advances. Dramatic improvement can only come about through reengineering the whole internal work process.
In order to benchmark anything, you need to have quantitative data available to study. That means breaking down internal processes to calculate performance metrics. Quantify everything, because only quantifiable information can be accurately compared.
In addition to helping companies become more efficient and profitable, benchmarking has other benefits – improving employee understanding of cost structures and internal processes, encouraging team-building and cooperation in the interests of becoming more competitive, enhancing familiarity with key performance metrics and opportunities for improvement company-wide. In essence, benchmarking helps employees understand how one small piece of a company’s processes or products can be the key to major success, just as one employee’s contributions can lead to a big win.
Benchmarking studies require significant investments of manpower and time, so management must champion the process all the way through, including being ready and willing to make changes based on what is learned. Inadequate resources can also doom a benchmarking study by underestimating the effort involved or inadequate planning. The better you prepare, the more efficient your study will be.
First of all, this template will be useful for product managers. You can prepare a comparative analysis of your product and similar products of your competitors. This will help you identify the strengths and weaknesses of your product and develop the right marketing strategy.
This template can also be used by sales managers and marketers when preparing a new product-to-market strategy. Startup executives can use the slides from this template in preparation for their investor meeting. Business trainers and university professors can use this template when preparing their courses on benchmarking or marketing strategy.
Benchmark is a professional and modern template that contains four stylish and fully editable slides. The template is designed in a cool color scheme and contains a large number of tables and infographics. If necessary, you can change the color scheme according to your brand book. This template will be useful for company executives, accountants, financiers and economists. Benchmark template will organically complement your presentations and will be a great addition to your collection of professional presentations.