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Benchmarking – Keeping up with the neighbours

Benchmarking

BenchmarkingWhat if you want to improve the performance of your business or public service? You could study it carefully and hope to find inefficiencies and novel approaches. But maybe you could compare your practices to those of another organisation. That’s the essence of Benchmarking.

The idea of benchmarking is to compare yourself with others, to get new ideas from them, and to learn from what works for them. It’s a powerful idea that allowed Japanese manufacturing to catch up with and overtake the US. And then it helped the US regain lost ground, by codifying what the Japanese had learned, and the improvements they had made.

But it’s not universally loved. There are problems. That said, benchmarking is a big idea that every manager should be aware of.

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