How do you benchmark and compare your process performance metrics with industry standards and competitors?

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If you want to improve your business processes, you need to measure them. Process performance metrics are indicators that show how well your processes are meeting your goals and expectations. They can help you identify gaps, inefficiencies, risks, and opportunities for improvement. But how do you know if your metrics are good enough? How do you compare them with industry standards and competitors? In this article, we will explain how to benchmark and compare your process performance metrics using four steps.

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Lydia Patterson
Leke Babalola

CEO at SignTech Paperless Solutions | Empowering Businesses with No-Code Automation & Free eSignatures | Digital…

1 Step 1: Define your metrics and data sources

When evaluating your processes, it is important to choose metrics that are SMART (specific, measurable, achievable, realistic, and time-bound). Examples of metrics include efficiency metrics that measure the use of resources like time, cost, quality, and productivity; effectiveness metrics that measure the value delivered to customers; compliance metrics that measure adherence to standards; and innovation metrics that measure creativity, learning, and improvement. Additionally, you should define where you will get the data for your metrics. Possible sources include surveys, feedback, reports, audits, analytics, and benchmarks.

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Nadeem Malik

Enterprise Architect - providing enterprise-wide insights, promoting standardization, reducing costs, mitigating risk, increasing agility, realizing strategies, and driving innovation.
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Align metrics with enterprise architecture layers - business, application, data, and technology. Create a balanced scorecard that ties operational KPIs to strategic goals. It's like crafting a gourmet meal - you need the right ingredients and recipes to create a masterpiece. Just don't get too fancy - sometimes a simple metrics "comfort food" is what the business really craves!

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2 Step 2: Choose your benchmarking method and partners

The second step is to choose how you will benchmark your metrics. Benchmarking is the process of comparing your metrics with those of other organizations or groups, and there are various methods available, such as internal benchmarking (within your own organization), external benchmarking (with other organizations in your industry, sector, or market), best-in-class benchmarking (with the best performers in your field or domain), and functional benchmarking (with other organizations that perform similar functions or processes). You should also choose who you will benchmark with; possible sources of benchmarking partners include industry associations, research firms, consultants, and peers. Each of these sources can provide benchmarking data, reports, and tools that can help you compare your metrics with those of others.

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3 Step 3: Analyze and interpret your benchmarking results

When analyzing and interpreting your benchmarking results, you should compare your metrics with those of your benchmarking partners to identify the gaps, strengths, weaknesses, and opportunities for improvement. It's important to consider the context and factors that may affect the comparison. These include the scope (level of detail and granularity of metrics and data), scale (size and volume of metrics and data), time (period and frequency of metrics and data), and quality (accuracy and reliability of metrics and data). All these factors should be similar, such as the same process, function, number of customers, employees, or transactions, quarter, month, or week, as well as the same source, method, or standard.

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4 Step 4: Implement and monitor your improvement actions

The fourth step is to implement and monitor your improvement actions, using your benchmarking results to inform your decisions. Set realistic goals and targets, assign roles and responsibilities, communicate and collaborate with stakeholders and partners for feedback, review and evaluate regularly, and celebrate successes. Benchmarking and comparing process performance metrics can help you improve your business processes and gain a competitive edge. Following these four steps can help you measure, compare, and improve your processes using industry standards and best practices.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Lydia Patterson
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One thing I would advise those producing or selling goods and services and want to stay competitive, that would be to keep focus on the following key components when benchmarking: Quality goods and/or services At best price than your competitors On time delivery to meet or exceed customer's expectations Otherwise, you might have to review your organization business processes, standards or training staff to ensure you're manufacturing good quality products, and doing so, effectively and efficiently at lowest cost with skilled human resources and well maintained cutting-edge equipment performing well for you to lead and stay ahead of those with whom you share the market to avoid risks of losing customers, thus jeopardizing your position.

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Leke Babalola

CEO at SignTech Paperless Solutions | Empowering Businesses with No-Code Automation & Free eSignatures | Digital Transformation Expert
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What I advise clients to do when selecting organisations to benchmark against, is to consider where they would like to be in future. This way they can benchmark against organisations that do what they would like to do best. Also, when dealing with business processes consider process automation and digital transformation.

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How do you benchmark and compare your process performance metrics with industry standards and competitors?

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1 Step 1: Define your metrics and data sources

2 Step 2: Choose your benchmarking method and partners

3 Step 3: Analyze and interpret your benchmarking results

4 Step 4: Implement and monitor your improvement actions

5 Here’s what else to consider

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