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The advantages of internal benchmarking are that you have access to all the data you need, and it’s a quicker process. Processes that can be improved, such as converting leads to customers, onboarding new team members, etc. or during different situations- during a PR crisis, product launch, event - and find the areas that are weakest. Internal benchmarkingĬan an internal process be more efficient?Ĭollect data on your performance at different times - days, week, months, etc.
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Relevant - do you have the resources to achieve your goal?.Measurable - how will you track and analyze your progress?.Achievable - are your goals challenging, yet possible?.Specific - real numbers, real deadlines - who, what, where, why?.SMART goals - Specific, Measurable, Achievable, Relevant, Timely. But, as with your business goals, they must be achievable.ĭon’t forget, they must be SMART - Specific, Measurable, Achievable, Relevant, Timely. They’re about improved performance of your company processes. No doubt you’ve already determined your business goals, but benchmarking goals are different. Competitive analysisīy comparing your performance with that of your competitors - what they’re doing right and what they’re doing wrong - you’ll identify areas in your business that can be improved.
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Benchmarking is an ongoing process, with performance monitoring playing a crucial part. Look at current benchmark metrics in order to identify industry standards that you should strive to meet or surpass.
![benchmark analytics benchmark analytics](https://www.benchmarkanalytics.com/wp-content/uploads/2019/07/shutterstock_589593557_police_Mgmt.png)
Performance benchmarking is a powerful tool, if you’re looking for continuous improvements in your business processes.