Benchmarking is the process of measuring key business metrics and practices
and comparing them within business areas or against a competitor, industry peers, or other
companies around the world to understand how and where the organization needs to change in
order to improve performance.
There are four main types of benchmarking: internal, external,
performance, and practice. Visionaire Academy will provide you with Performance
benchmarking which involves gathering and comparing quantitative data (i.e., measures or key
performance indicators). Performance benchmarking is usually the first step organizations take to
identify performance gaps. Practice benchmarking which involves gathering and comparing
qualitative information about how an activity is conducted through people, processes, and
technology. Internal benchmarking which compares metrics (performance benchmarking) and/or
practices (practice benchmarking) from different units, product lines, departments, programs,
geographies, etc., within the organization. External benchmarking which compares metrics
and/or practices of one organization to one or many others.