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1. benchmarking is a process used to measure the quality and performance of your company’s products, services, and processes

2. 1. Select a subject to benchmark:Executives and other senior management should be involved in deciding which processes are critical to the company’s success. The processes should then be prioritized based on which metrics are most important to all stakeholders. After prioritizing, select and define the measures you want to collect.

3. 2. Decide which organizations or companies you want to benchmark:Determine if you are going to benchmark processes within your own company, a competitor, or a company outside of your industry.

4. 3. Document your current processes: Map out your current processes so you can identify areas that need improvement and more easily compare against the chosen organization.

5. 4.Collect and analyze data This step is important—but it can prove difficult when you are trying to gather data from a competitor because a lot of that information may be confidential. Gather information through research, interviews, casual conversations with contacts from the other companies, and with formal interviews or questionnaires.

6. 5. Measure your performance against the data you’ve collected Look at the data you’ve collected side by side with the metrics you gathered from your analysis of your own processes. You may want to layer your performance metrics on top of your process diagrams or map out your competitor’s processes to more easily see where you’re falling behin

7. 6. Create a plan Create a plan to implement changes that you have identified as being the best to close performance gaps. Implementation requires total buy-in from the top down. Your plan must include clearly defined goals and should be written with the company’s culture in mind to help minimize any pushback you may get from employees.

8. 7. Implement the changes Closely monitor the changes and employee performance. If new processes are not running smoothly as expected, identify areas that need to be tweaked. Make sure all employees understand their jobs, are well trained, and have the expertise to complete their assigned tasks.

9. 8. Repeat the process After successfully implementing a new process, it’s time to find other ways to improve. Review the new processes you’ve implemented and see if there are any changes that need to be made. If everything is running smoothly, look to other areas or more ambitious projects that you may want to benchmark and start the process agai