At Bonafide Research, benchmarking is our livelihood. We understand that you’re critical decisions need accurate data and expert analysis to make sure you choose the right path. Our analysts take your needs to heart when they work with you to develop a customized, one-of-a-kind benchmarking study that’s designed to meet your specific needs.
Our proprietary benchmarking process is designed to not only provide you with quantitative metrics for comparison and gap analysis, but we’ll also provide you with qualitative information gathered directly from industry executives. In this way, we aim to provide you the breadth and depth you need, as well as understand the critical reasoning behind the data you’ll see.
Bonafide Research offers a unique skill set of benchmarking experience. Our researchers are dedicated to the task, which is why we retain them for so long. When you contract with Bonafide Research to conduct a benchmarking study, you can be sure you’re working with an expert.
Our methodology is focused on direct data collection from industry executives. The benefits you’ll receive contracting with Bonafide Research include:
- Primary benchmarking research
- Quick-turnaround studies designed to meet your needs
- Direct comparisons with a peer group of companies
- Gap analyses that outline your strengths and improvement opportunities
- Key findings, recommendations and best practices for your team to implement on the path to success
PROCESS OF BENCHMARKING
Planning: Thorough preparation and planning are essential at the outset. We recognize the need for benchmarking, determine the methodology and identify the company’s/participants that are to be included in the project. A capable team is being duly appointed, so as to ensure the smooth, timely implementation of the project.
Data Collection: The next step is collecting information and deciding on how to collect the same. Bonafide Research collects information through two broadly classified methods viz. primary data and secondary data. To clarify further, here, our primary data refers to collection of data directly from the benchmarked company/companies itself, while secondary data refers to information garnered from the press, publications or websites. Exploratory research, market research, quantitative research, informal conversations, interviews and questionnaires are the most preferred methods of collecting information. When engaging in primary research, the company/customer that is due to undertake the benchmarking process needs to redefine its data collection methodology.
Analysis of Data: Once sufficient data is collected, proper analysis of such information is carried out. Data analysis, data presentation (preferably in graphical format, for easy reference), results projection, classifying the performance gaps in processes, and identifying the root cause that leads to the creation of such gaps (commonly referred to as enablers), are then carried out for better understanding.
Implementation: This is the stage in the benchmarking process where it becomes mandatory to walk the talk. This generally means that far-reaching changes need to be made, so that the performance gap between the ideal and the actual is narrowed and eliminated wherever possible. A formal action plan that promotes change is formulated ideally keeping the organization’s culture in mind, so that the resistance that usually accompanies change is minimized. Ensuring that the management and staff are fully committed to the process and that sufficient resources are in place, necessary improvements are made which tends to be critical in making your benchmarking process, a success.
Monitoring: In order to reap the maximum benefits of the benchmarking process, a systematic evaluation is carried out on a regular basis. Assimilating the required information, evaluating the progress made, re-iterating the impact of the changes and making any necessary adjustments, are all part of the monitoring process done by Bonafide Research.
As is clearly apparent, benchmarking can add value to your organization’s workflow and structure by identifying areas for improvement and rectification.