Five-Step Benchmarking Path to Competitive Intelligence

Competitive intelligence can be used to perform an external benchmarking. In turn, external benchmarking is often used in conjunction with an internal gap analysis to characterize your competitive position in the defined market space.

The outcome of the analysis can be used to target areas of improvement for the business or operations strategy.

Information can be leveraged to gain a competitive advantage by decreasing costs, gaining market share and/or increasing revenues.

Tompkins uses a five-step benchmarking methodology which results in the identification of best practices, strategies, and performance metrics.

Step 1: Identify Objectives

• Determine what is to be benchmarked
• Determine strategic relevance

Step 2: Identify and Profile Benchmark Companies

• Public information
• Apparent strategies
• Key strengths

Step 3: Analyze Key Functions through Personal Interviews

• Corporate Administration
• Warehousing
• Transportation, etc.

Step 4: Develop Process Data and Metrics

• Metrics for each function
• Processes used for each function

Step 5: Analyze Principles and Practicess

• Compile findings from benchmarking analysis
• Highlight principles and best practices
• Final report and strategic implications for client

Learn more about Tompkins International's strategic market planning services in these case studies.

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