Benchmarking’ is a widespread but often misused management practice. Benchmarking can be over-valued by leaders who want quick, easy answers and under-valued by leaders who believe they have nothing to learn from outside.
As an organisation which has specialised in benchmarking for over 20 years, The Customer Framework (TCF) have evolved SCHEMA® benchmarking methodologies to maximise the benefit to large organisations. Here, TCF Director Professor Neil Woodcock provides an expert view on what good benchmarking looks like. TCF’s extensive experience shows that if benchmarking is poorly executed, at best it can be a waste of time and money and at worst it can mislead the organisation into implementing ideas that are counter culture or which have little impact on business performance. However, if the purpose and method are clear, then the benchmarking process will act as a stimulus for strategic thinking, accelerate innovation and enable ‘good practices’ to be fast-tracked for earlier ROI.