Monitor the process and results of the plans that have been set.You can apply competitor strategies, processes, or policies that you feel are able to improve company performance. Plan to improve achieving performance goals.Make the points that are the advantages of competitors into performance targets.Compare the performance data of your company and its competitors, then identify the gap between the two companies.Do research to collect data and information related to the performance of competing companies.Choose the best company that can be used as a comparison to your company's performance goals.Define benchmark metrics such as products, strategies, departments, or other aspects that you want to compare against your competitors.The process is divided into seven stages. Product benchmarking: Identifying the strengths and weaknesses of competitors' products.īenchmarking is a process that you need to do if you want to outperform your competitors.Financial benchmarking: Observing the financial condition of competitors and comparing them with the company.Performance benchmarking: Comparing competitors' performance, such as sales or other business growth.Functional benchmarking: Comparing the functionality of your competitors' work with yours.
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