In day to day speech, when we say benchmark, we mean a reference point.
In organizational and strategic processes, when conducting benchmark research, we look for answers to the following key questions:
- How do others deal with similar issues?
- What are the existing best practices?
Benchmark research makes it possible to look at strategic and organizational questions from an external perspective, which allows for reflection in the organization.
The benchmark studies are conducted through access to various information sources and through interviews of experts and senior executives at successful companies.
A unique methodology of knowledge integration after the information gathering stage allows every organization to examine the information objectively, regardless of the way it is organized, and then to adopt or adapt relevant aspects in strategic and organizational decision-making processes.
In certain cases, when the organization chooses to take part in a joint research process, the employees of the organization collaborate with the research team and the information integration, thus enhancing their ability to collect and analyze information.