Nowadays, practically in any market there is fierce competition, which does not allow you to do business just the way you want, but makes you look back at your competitors. There is no way to be distracted for a minute, because as soon as a company “loses its grip,” it will quickly be forced out of the market. Correct analysis of the actions of competitors allows you to use the most successful methods to improve the performance of your company, so almost everyone is engaged in benchmarking.
Main stages
Experts identify only 5 main stages of benchmarking:
Identification of those areas of activity and functions that require optimization within the company;
Search and selection of the best companies in this field of activity;
Analysis of indicators of your own company;
Analysis of the activities of third-party organizations;
Comparison of the information received and use of the results to improve your performance.
Disadvantages of the method
Benchmarking is especially widespread in Europe and America, while in the CIS countries not all companies are yet ready to fully use this method.
The reason for this is precisely the fact that many company directors and managers responsible for their development believe that the example of foreign firms cannot be used. This, in their opinion, is due to the fact that the realities of doing business for international companies differ significantly from our modern realities of doing small and medium-sized businesses. And it is far from always possible to take examples from domestic companies, since rarely which of them can boast of financial stability and high "survivability" even in a crisis. In addition, you need to understand that no one will share information just like that, therefore, in order to get something, you need to share something.
More here - https://en.wikipedia.org/wiki/Benchmarking
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