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Benchmarking
A powerful tool to glean insights that can lead to
improved performance
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 Table of Contents

01 03
02 04
Introduction How does
benchmarking
work?

Ways to use Defining a

benchmarking Benchmarking
Initiative
01
Introduction
What is benchamrking
What is benchamrking?

Benchmarking – i.e.

Comparing your business performance against certain

reference points – is a popular and potentially powerful
way to glean insights that can lead to improved
performance. We’ll explore the various types of
benchmarking and how these approaches can benefit your
business.
What’s the difference between
benchmarks and KPIs?
Benchmark
Benchmarks are reference points that you use to
compare your performance against the performance of
=
others. These benchmarks can be comparing processes,
products or operations, and the comparisons can be
against other parts of the business, external companies
(such as competitors) or industry best practises.
Benchmarking is commonly used to compare customer
satisfaction, costs and quality.
KPI
KPIs, on the other hand, are decision-making and
monitoring tools, used to track performance in relation
to strategic goals. In other words, KPIs chart whether an
individual, project, team, business unit or entire
company is on track to achieve its objectives. KPIs are a
bit like an early warning system, flagging up where
things might be heading off-course and where action
might be needed.
02
Ways to use
benchmarking
 Process benchmarking

 Strategic benchmarking

 Performance benchmarking
Three ways to use benchmarking

Process
benchmarking Performance
benchmarking
Strategic
benchmarking
Three ways to use benchmarking

This is all about better understanding your processes, comparing

performance against internal and external benchmarks, and finding ways to
optimise and improve your processes. The idea is that, by understanding
how top performers complete a process, you can find ways to make your
own processes more efficient, faster and more effective.

Process
benchmarking
Three ways to use benchmarking

This compares strategies, business approaches and business

models in order to strengthen your own strategic planning and
determine your strategic priorities. The idea is to understand
what strategies underpin successful companies (or teams or
business units) and then compare these strategies with your own
to identify ways you can be more competitive.
Strategic
benchmarking
Three ways to use benchmarking

This involves collecting information on how well you’re doing in

terms of outcomes (which could mean anything from revenue growth
to customer satisfaction) and comparing these outcomes internally or
externally. This can also refer to functional performance
benchmarking, such as benchmarking the performance of the HR team

Performance or the marketing team (measuring net promoter score or brand

benchmarking awareness, for instance).

03
How does
benchmarking work?
How does benchmarking work?
Some of the most popular benchmarking methods include:
Peer benchmarking
Companies look at their closest competitors and
establish whether their products or services are in-line
with what else is being offered in the marketplace.
Best practice benchmarking
Businesses examine the process of the companies that they
aspire to be like in their industry, usually those at the cutting
edge of their sector. This allows them to compare results, and
identify areas in which they can improve their own
processes.
How does benchmarking work?
Some of the most popular benchmarking methods include:
SWOT analysis
The SWOT process of benchmarking against competitors has a broader
scope and works by establishing a business's strengths, weaknesses,
opportunities and threats. By taking a more holistic look at competitor
activity, you can get an accurate picture of the sector's landscape and
how you fit into the wider market.
Collaborative benchmarking
Some industries have trade bodies or consumer groups associated with
them and these are an example of how collaborative benchmarking can
work. These associations collect and publish data from all their members,
allowing them to identify industry-wide trends and enabling effective
reviews of best practices.
 04
Defining a Benchmarking
Initiative
Defining a Benchmarking Initiative
Because any process, product, or function in a business is eligible for benchmarking, methodologies vary. Typically, the
benchmarking process involves:

Defining the subject of the Defining the process or attribute to Selecting and defining the
benchmarking study be studied in detail measures

Selecting the comparison Assessing the data and identifying Reporting on the results,
set differences and gaps identifying improvements and
repeating the process
Benchmarking Examples

A firm interested in improving their customer service practices

may compare its own processes and metrics against those of its
most successful competitor. If it identifies negative discrepancies
or differences in measures, it may start improving its processes to
strengthen its performance. The firm will observe and measure
the competitor's operations, and in some industries, it will send
in employees as customers to gain direct experience.
Benchmarking Examples

One of the best examples that has been carried out in

recent years is Starbucks.
Economic instability and the commitment to boost
coffee sales by fast food companies such as
McDonalds, have led Starbucks to initiate a
benchmarking process.
Benchmarking
Examples

What did they decide to improve to alleviate this situation?

One of the vital aspects for its business model is the time of
preparation of its coffees. As we have seen before, they
needed a leading company to look at to later implement the
improvements. The chosen company: the Japanese car
manufacturer Toyota. Without a doubt a great example to
follow in optimizing the manufacturing time of their products.
The Bottom Line

Apparently 30% of the time spent preparing the famous

Starbucks coffees was wasted on the time spent by employees
bending, walking or choosing ingredients. After conducting an
analysis of the benchmarks, they implemented an action plan
based on the optimization of the processes to prepare their
coffees, a redesign of the workspace, along with a new
arrangement of the utensils and machines necessary for the
preparation of their products. This led to an improvement in
the production time of their products by almost 20%.
 END

Thank you!
@yourcompany
05
Extra Slides and
Infographics
 Benchmarking Process

1 2 3 4 5

PLANIFICATION DATA ANALYTICS ACTION TRACKING

EXTRA INFO
HERE

To correctly design and carry out a benchmarking process in your company, we recommend following the following steps: planning, data
collection, analysis, action and monitoring.
 SWOT

Strengths Opportunities
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W O
SWOT

Weakness Threats
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Roadmap
A strategic plan that defines a goal or desired outcome and includes the major steps or milestones needed to reach it.

Q1 Q2 Q3 Q4

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