LONDON--(BUSINESS WIRE)--Infiniti Research, a leading competitive intelligence company, has announced the completion of their latest article on the critical steps to build a robust competitive benchmarking framework.
Competitive benchmarking is a crucial process for determining the success of organizations. Companies consistently need to measure their performance with the industry standards set by their competitors or counterparts to sustain their position in the market using competitive benchmarking analysis. Benchmarking helps companies gain an independent perspective about how well they perform compared to other companies. This helps companies to drill down their performance gaps and identify areas for improvement.
“The benchmarking process must be a continuous and permanent part of the organization’s culture to sustain market leadership,” says an expert from Infiniti Research.
Infiniti Research has been helping companies to gain an organized overview of their business and performance across various levels. Request a free proposal to know how our competitive intelligence solutions can help your organization conduct effective benchmarking.
Critical steps to build a robust competitive benchmarking framework
Set clear objectives
Determining organizational goals is the elementary step of any benchmarking activity. Companies cannot ensure growth without determining their aims and objectives in numerical terms. Therefore, it becomes crucial for companies to make accurate decisions about their goals to benchmark their performance with those of their competitors. Want to undertake a competitive benchmarking analysis? Get in touch with our experts.
Identify the data source
Various competitive intelligence tools are used by companies to extract data for competitive benchmarking. The data collected might be inconsistent at times. Therefore, companies must identify the sources for the data they are accumulating and ensure its consistency while using it for competitive benchmarking. Interested in devising an effective competitive benchmarking framework, Consult with our experts.
Identify the common metrics
A large number of parameters are taken into consideration while conducting competitive benchmarking analysis. A large number of parameters sometimes might make the task difficult for companies. To avoid such a situation, companies are advised to select some metrics that can be compared against the information available. Such metrics can easily be identified with help of amalgamated data sources. To know the complete list of steps required for developing a competitor benchmarking framework, visit the full article here!
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us
