This systematic process compares and measures a program’s performance on KPIs based either on industry standards or previous performance levels. The first steps in benchmarking involve careful planning, identification of key areas for improvement, and selecting appropriate benchmarking partners. The initial steps that turn benchmarking into continuous improvement are:
Define Objectives and Scope
Identify Key Performance Indicators (KPIs)
Select Benchmarking Partners
Establish a Benchmarking Team
Conduct a Current State Assessment
Research and Identify Best Practices
Data Collection Plan
Establish Performance Targets
Engage Stakeholders
Plan Site Visits or Interviews
Document Best Practices
Evaluate Feasibility and Applicability
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