Benchmarking is a process that consists of comparing methodologies and processes of other companies that are leaders or competitors in the same sector, with your company.

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This process, which allows you to get information and new ideas, aims to know and apply the best practices of these leading companies in your own business.

In summary, benchmarking consists of taking the best companies as a reference and adapting their methods and strategies to your own business (always within legality).

Reference companies are taken from the same sector or even from other sectors that may have useful strategies in your business.

Benchmarking Levels

When choosing the companies that we will take as a reference, several levels of benchmarking can be used:

• Internal benchmarking: It is the one carried out within the same company. It is the simplest because the information is within reach and is common in large companies. It is about comparing models or strategies between departments or learning from those departments that have more contact with suppliers and customers.
• Non-competitive benchmarking: In some cases two companies that are not direct competitors can exchange information and experience.
• Competitive benchmarking: It is about taking the reference company in the sector as a reference. In this case obtaining information can be more complicated.
• Latent competitive benchmarking: it is about taking as reference companies that are from our sector but compete in other markets or companies that will enter our market soon.
• Global benchmarking: It is about taking the best company in the world in your sector as a reference.

Benchmarking is a process that can give you many good ideas to apply in your business. So go for it.

We hope this information is very useful to you.