Every company needs to create a plan to find and define the best ways to act in the market, always taking into account the peculiarities of its segment to achieve better results. As a way to optimize management processes and obtain increasingly consistent and positive results, corporate leaders can count on a variety of administrative tools, and benchmarking is undoubtedly one of the most important.

What is benchmarking?

Benchmarking is a business management strategy that aims to improve your practices and achieve more positive results from the study of competition.

A study where researches between companies of the same niche are done with the purpose of analyzing the performance of their products or services compared to competitors.

In benchmarking it is necessary to make an analysis of your segment, processes interpretation, evaluation of the establishment and its competitors, and measurement of the collected information.

For your study bringing valuable information, you need to capture this data and understand what it means, and also know how it can benefit your business.

Benefits of benchmarking

It is easy to realize that this tool is valuable and that its use can bring great results to the business. If your focus is competitiveness, you certainly need to make benchmarking a routine. The benefits of benchmarking reach the most diverse layers of the business. Check the main advantages!

Reduction of errors

The use of benchmarking can raise awareness among organizations concerning the compatibility with practices known as best practices in the market. This can improve your business, maximize your strategy, and allows you to make more effective decisions in the face of competition. Eliminating mistakes made by opponents is very beneficial and can ensure a competitive advantage.

Understanding market demand

The market changes a lot — and very fast. This context requires monitoring the consumption demand to ensure that the company offers are attractive to the consumer. By studying competition in a strategic manner it is possible to understand and evaluate the market, starting from an adequate comparison between the strongest competitors.

Identifies objectives and priorities

Determining priorities is critical to ensuring the organization and productivity of the company. Benchmarking can alert you regarding the shortcomings related to the market where you operate.

Having a detailed strategic planning for using all collected data will broaden your horizons to define and adjust the most urgent goals and priorities of the company.

At CAMBICI, we represent an important commercial, economic and sociocultural link between Brazil and Israel with the objective of fostering business within the country and between the two countries. Our members participate in important meetings of strategic committees composed of prominent business leaders in various areas of activity in order to cooperate for a prosperous business ecosystem, favoring business, benchmarking, researches, investments and business missions. Become a member and make your business prosper too! Access: https://cambicirj.org.br/associe-se/