Benchmarking


The primary focus of benchmarking is to measure and continuously improve an organisation’s processes, procedures and policies against that of best practice. By organisations rating their performance against others it can identify opportunities to create value, prioritise areas for improvement, compare performance against customer expectations and identify where change is necessary.

 

Effective benchmarking starts with an organisation setting a baseline, benchmarking its current performance levels internally in order to evaluate its performance relative to other organisations. Benchmarking externally can be split into three areas; competitive, industry and best-in-class.

CIPS Procurement Topics

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More targeted training and support for procurement teams in the oil and gas industry

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Related concepts

Benchmarking

Benchmarking is a continuous and systematic process for evaluating the products, services and work processes of organisations that are recognised as representing best practice for the...

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Quality Management

Some people view quality as 'performance to standards'. Others view it as 'meeting the customer’s needs' or 'satisfying the customer' (Reid and Sanders)

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Procurement Transformation

A new era is changing the procurement function, creating broader and deeper roles where buyers also need to be value brokers, and capture, retain and manage talent (Supply Management)

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