'Know your enemy and know yourself; in a hundred battles you will never be in peril.'
— Sun Tzu
What is Benchmarking?
Benchmarking is a process by which you compare yourself to the best of your competitors, or those companies recognised as leaders in the field, with the aim of exceeding or surpassing their performance in all aspects whether it be products, processes or services.
So, if a company in your sector is doing better than you are, it would be reasonable to assume that the quality of its training would be one of the factors that contributed to its business success. Therefore, it would be valid to compare its training to your own.
Benchmarking is a learning experience: observing what the competition is doing now; projecting what that performance might be in the future; understanding how they operate and, where applicable, adapting their practices for your own use.
Comparing yourself against companies who have a known high reputation for their training is one of the best ways to evaluate your training. To do this you will have to decide which are the important indicators you wish to measure yourself against.
How do you 'Benchmark'?
The process comprises three phases: