Benchmarking tracks data to show what can be achieved. In order to utilize benchmarking to its fullest, an understanding of where the company stands and where it can be is necessary. This system focuses upon how and how much in tracking, rather than setting goals from the get-go.
Benchmarking requires some research as the best practice performance is measured. Once goals have been set and the company’s standing has been recognized, then a search for the best practices that yield the best results can be conducted. The emphasis with benchmarking is the process of application.
A company must first have clear objectives and scope. Naturally, those using Six Sigma will not find this part difficult because Six Sigma requires clear goal setting. Next, identify support, approach and partners. Third, research is conducted and distilled to the team. This research finds out what the best practices are and how to implement them. Finally, the ideas are selected, planned, and implemented.