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4 Types Of Benchmarking

 , updated on April 28, 2017
Benchmarking is the practice of comparing your business metrics in order to evaluate the performance of strategies, processes, practices, designs and operations. The following are common types of benchmarking.

Competitive

Comparing your results to a competitor. For example, a transport company might benchmark the energy efficiency of a fleet against a close competitor.

Functional

Comparing your results to a firm or industry with which you don't directly compete. This is often done to compare your results to best in class processes and practices. For example, an airline might compare their customer service metrics to a luxury hotel as opposed to other airlines.

Generic

Foundational metrics such as revenue per employee or return on investment that provide a common basis of comparison independent of industry.

Internal

It is common to benchmark things internally to measure improvements or to create a sense of internal competition.
Overview: Benchmarking
Type
Definition
Comparing results with standardized measurements.
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Benchmarking

A few examples of benchmarking.

Benchmarking Definition

A definition of benchmarking.

Internal Benchmarking

The common types of internal benchmarking.

Baseline vs Benchmark

The difference between a baseline and a benchmark.

Functional Benchmarking

A definition of functional benchmarking with examples.

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A definition of best in class with examples.

Competitive Benchmarking

A definition of competitive benchmarking with examples.

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