Benchmarking goes beyond the customary market research and satisfaction surveys that organizations undertake. Its purpose is to analyze what, why, and how your firm is doing compared to the industry leaders. That requires self analysis and produces a better self-awareness. Benchmarking provides a rational method to set performance goals and to gain market leadership and a broader, more accurate organizational management perspective. Since it is based on what the best are doing, it takes the emotion out of arguments for the need to change.
Business is increasingly competitive.
Client needs change, and the keys to satisfaction must be continually explored. With competitors fighting for business and their sophistication increasing, clients' expectations keep rising. They see the best suppliers of other types of services setting higher standards of quality. In this environment, no service providers can afford to be complacent. They must look to the best for ways to improve and welcome, rather than resist, innovation.