SpendEdge, a well-renown procurement market intelligence solutions
provider, has announced the completion of their new free
resource on the industry best practices for benchmarking. This
free resource is now available for free download and will help companies
boost customer experience and improve their competitive position in the
This press release features multimedia. View the full release here:
Industry best practices for benchmarking. (Graphic: Business Wire)
With companies focusing on improving their customer retention
capabilities, benchmarking has become the need of the hour. It usually
helps in measuring the corporate landscape, whose dimensions may not be
immediately visible. There are four types of benchmarking that companies
can leverage to improve their competitive position in the market. They
include internal, functional, competitor, and generic benchmarking.
Determining processes to be benchmarked is critical for companies
looking to adopt industry best practices. Request
a free demo and know how our solutions can aid in
What are the industry best practices for benchmarking?
1 – Identify processes to benchmark
This is the first step for companies, who are willing to initiate the
benchmarking process. It involves setting up objectives for departments
apart from their long- and short-term goals. Identification of processes
further provides vital insights regarding the changes that can be made
possible within a particular process.
Comparing processes against others and their own future projections help
businesses to determine if the strategies planned can address customers’
2 – Identify organizations to benchmark
Benchmarking enables companies to identify practices that can be adopted
as per the needs of the organization. Selecting irrelevant partners can
lead to misalignments without any substantial visible growth.
Relying processes on industry periodicals or annual reports can be a
good idea for businesses. For detailed insights, request
a free proposal.
3 – Collect
Gathering data strategically through different targets and site visits
helps companies to collect relevant information and prepare accurate
site visit reports. This data can be used to improve organizational
Determining the simplest and critical data sources holding more value is
important for organizations. The source can vary depending upon target
To know the complete list of practices that can impact the growth
of your organization, download
the complete article here.
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