5.3.5 Summary of key points

Benchmarking is based on comparative actions; its aim is to bring an assessment of the current situation in the company on the basis of evaluating a company’s strategy, performance, best practices or products (reference to Figure 1: “types of benchmarking”).

You have learned that through benchmarking the organisational performance you can improve your company and trace future innovative steps. The specifics of benchmarking however bring certain disadvantages, such as it might require a lot of time, labour and money. In addition, external factors may change during this innovation process and the comparison might be harder to achieve. Nevertheless Benchmarking as a process has a lot of advantages:

  • It is a tested process, that can significantly enable organisational learning and enhance organisational performance
  • It can be a valuable tool for individual and team development