Benchmarking is a powerful method and process where you measure your company’s success against competitors’ performance to identify gaps and improve your performance.

8 steps in the benchmarking process

1. Select a subject to benchmark.
2. Decide which organizations or companies you want to benchmark.
3. Document your current processes.
4. Collect and analyze data.
5. Measure your performance against the data you’ve collected.
6. Create a plan.
7. Implement the changes.
8. Repeat the process.

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