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INTERVIEW QUESTION:

What is Benchmarking?

Posted by Chris Adams

Article Rating // 25095 Views // 3 Additional Answers & Comments

Categories: Business Analysis, Leadership & Management

ANSWER

When companies want to improve, they first need to have an accurate means of measuring performance.  Without accurate measurement, determining process improvement is not feasible.  Measurement establishes a baseline against which the organization can determine the degree of improvement that has been made.

However, improvement alone may not be enough.  If an organization doesn’t know what the standard is it cannot compare itself against it. For example, if an organization obtains a customer satisfaction rating of 80%, but its competitor receives 90%, they will lose ground in the long run.  Benchmarking is the key to understanding how an organization measures up against others.

Benchmarking is the process of determining how an organization stacks up against industry leaders by measuring its performance across a series of standard metrics and then comparing the performance against other best-of-breed organizations within the same industry or service line. Companies may measure and compare policies, practices, philosophies, and other performance measures.

Benchmarking is usually part of a larger process re-engineering or quality improvement initiative such as Six Sigma or Total Quality Management. 

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Chris Adams
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ADDITIONAL ANSWERS / COMMENTS

Naveen Rawat posted on Wednesday, December 8, 2010 2:19 AM
Shot and crisp...you conveyed
Naveen Rawat posted on Wednesday, December 8, 2010 2:22 AM
I would appreciate if you could quote some example to support this and the benefits associated.
Chris Adams posted on Wednesday, December 8, 2010 9:20 AM
Here is an interesting press release about the merits of benchmarking.

The data shows the companies that benchmark perform better.

http://www.barometersurveys.com/production/barsurv.nsf/89343582e94adb6185256b84006c8ffe/86bfc1c668bdd72285256bab006b1b28?OpenDocument
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Do your homework prior to the business analysis interview!

Having an idea of the type of questions you might be asked during a business analyst interview will not only give you confidence but it will also help you to formulate your thoughts and to be better prepared to answer the interview questions you might get during the interview for a business analyst position.  Of course, just memorizing a list of business analyst interview questions will not make you a great business analyst but it might just help you get that next job.





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