It’s quite common to settle and be afraid to leave your comfort zone. You live every day in the same environment, you run into the same people, you face the same challenges and when it comes to thinking about new projects and improvements, you hesitate and fear what could happen.
To boost creativity, analyse competitors’ good practices, and bring innovative ideas, it is vital to get out of your comfort zone. For this, there is Benchmarking, which is conducted through research to compare the performance of each company.
Benchmarking is an effective way to measure the success of your company by comparing it to your competitors. By doing this, you’ll get more information about what your company is doing right, and what you could be doing better.
Benchmarking is nothing more than a comparison of products, services, and business practices, as well as an important business management tool.
Its concept is not based on copying or imitation; it is an in-depth strategic analysis of the best practices used by the competition. It allows you to incorporate new concepts and ideas into your routine by comparing and experimenting better practices. The goal is to closely observe what other companies are doing in certain areas to correct mistakes, improve internal procedures, and enhance efficiency and competitiveness.
What are the advantages of benchmarking?
- Boosts innovation and creativity;
- Creates a more efficient process of continuous improvement and problem-solving;
- Updates and brings the company up to speed with the best practices on the market;
- Decreases the chances of making mistakes and helps in better decision-making;
- Introduces you to the successful practices and strategies of more established companies.
How to do benchmarking?
- For you to succeed, you need clear goals to take advantage of competitors’ data. Before you start your research, you’ll need to know what you need to improve in your business. Focus on companies that are the benchmark on the matters that you intend to improve;
- Identify at least 3 companies that inspire you and are related to your company’s culture;
- Contact the person in charge, make your purpose clear, contribute with your ideas and projects, and schedule a visit;
- At last, gather the information and survey the data collected;
- Compare the results gathered to your current company’s practices;
- Make a report that outlines the conclusions gathered throughout the process;
- Introduce the ideas that make sense to be implemented and that will add to your area of expertise within the company;
- Apply approved strategies and projects, monitor, and assess positive outcomes.
Finally, we want to give you some insights on topics related to Facilities that you can address during your Benchmarking:
- How does the hierarchy in the Facilities department work and what are the job descriptions/assignments for each position?
- Which KPIs do you use for measuring results?
- What technological tools do you use to increase efficiency in your operations?
- What are your best suppliers and what is their unique advantage?
- What have you done to improve your Member Experience?
- What are the best practices for your cleaning staff?
- What is the budget that you manage monthly?
- What Business Sustainability practices do you apply in your business?
- What are the cost reduction measures that have been working?
- Which is your best supplier and why?
Now that you’ve learned all about it, let’s get down to business!