UNIQUE BUSINESS IDEAS
BUSINESS
GLOSSARY
2022 SERIES
What is benchmarking in business?
It is a process that draw a comparison with competition.
Like business performance, product, service, user experience etc...
Example of benchmarking.
Bank ABC wants to benchmark their APP with the rest of the competitors.
To identify who is best in user experience and why.
How benchmarking is done?
Identify the area
Identify competitors
Set objective
Action plan
Monitor
Extract differences
Types of benchmarking practised in business.
Performance
Practice
Internal
External
It can be anything that is comparable.
How benchmarking helps business?
To identify industry's best practices
Product & process design
To identify key business metrics
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Stories
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