We live in a competitive environment, both as companies and as individuals. Being the best and staying the best are vital, but that takes constant vigilance.
This is where benchmarking is increasingly vital. It’s a tool that enables organisations to compare and learn from the best practice of others. We’re not talking industrial espionage here, but it is vital to watch how your competitors transact their business.
Benchmarking can be used by managers in a number of different ways, from improving sales techniques to making the best of personnel functions within the company.
For instance, if you’re looking to get the best from your personnel department, try to look to other businesses. How do they manage rewards and recognition? What processes do they have in place to recruit staff? Once recruited, how are they trained and developed? And how is performance managed?
Look to the key players in the industry and get as much information as you can on their policies. Don’t think they aren’t having a good close look at yours. How do they match up to you? If they are doing something better – why? And is it possible for you to implement a similar procedure? There are always things to be learned, from the ergonomics of the reception and business spaces to processes for invoicing.
Don’t be afraid of the competition and don’t treat them as the enemy. Be proactive and strategic in looking to get the best for and from your organisation, no matter what the source of inspiration.
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