What is Competitive Benchmarking?
What happens when you have copious data to handle and it becomes cumbersome to arrange it, present it lucidly so that it is decipherable and productive? The Competitive Benchmarking solution from ThrivOn addresses the critical data as per the clients’ business needs and provides actionable details from the sea of information. Benchmarking* is used to compare the organization’s processes or products to other organizations, either internal or external to their own industry. This comparison can be on specific product features, or can be on broad customer service categories, such as product delivery, product warranty, etc. Competitive Benchmarking is a method wherein one can benchmark the performance or the processes of the competitors.
How do we do it?
The foremost crucial step involves identification of the Key Performance Indicators of the organizations to be analyzed, based on the clients’ business needs, which is followed by evaluation of these parameters via Excel based analysis on the data accumulated on those KPIs. An informative matrix is prepared next in which the organizations are benchmarked. During the analysis, the organizations’ current processes, practices and attributes are understood with respect of the organization(s) being used as a benchmark. Here what we want is to understand and assess the strengths and weaknesses of the organizations based on the KPIs decided upon. Through Competitive Benchmarking, we try and get answers to questions such as:
- Which Organization is performing better from the others and Why?
- What are the most optimum performance indicators for the organizations to adopt to enhance their business?
- How can the best practices be incorporated or adapted in the organization for them to perform better?
After the in-depth assessment of the model and once the differences in the performances amongst the organizations are represented, based on the all-inclusive research ThrivOn, suggests the necessary steps for the organization/client to perform to reach the same level as “best”.
The Competitive Benchmarking solution from ThrivOn provides a rich set of visualization capabilities including color-coded bubble maps and exhaustive yet crisp MS Excel tables clearly identifying and comparing the most valid factors that help analyze the Business performances of the concerned companies and/or competitors to the client. The elaborate model ensures that our reports are embellished and fool proofed with the correct amount of information cum analysis.
Competitive Benchmarking helps our client in diagnosing-
- Due Diligence/ Business Intelligence about key competitors
- Keep an eye on the business, market, advertising, R&D strategies adopted by their competitors
- Thorough assessment of competitive positioning
- Better financial management and budget allocation
Out of the sheer easiness in interpreting our Competitive Benchmark graphs, the visual appeal and the concise yet detailed feature of our model, our clients have always appreciated the extra efforts we put in making their tasks easier and comprehension quicker.
[*Source: Benchmarking: The Search for Best Practices that Lead to Superior Performance by Robert C. Camp]