| Product Innovation Performance through Benchmarking |
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Getting Started: A Typical Approach to Benchmarking
Traditional benchmarking approaches involve a large amount of time and resources. Steps
include:
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Identify performance metrics, practices and processes to benchmark
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Select a benchmarking project team (internal and external)
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Identify companies to benchmark against
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Evaluate various data collection methods. Select the most
appropriate methodology
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Approach potential benchmarking partners to participate
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Design the research questionnaire. Ensure questions are clear
and unambiguous
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Plan and conduct qualitative and quantitative data collection with partner companies
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Analyze and prepare research report. Present data results
both textually and graphically
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Present research findings to the management team and key stakeholders
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Establish an action plan that addresses high priority areas of concern.
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The most commonly reported challenge with benchmarking initiatives is achieving data integrity. The result of the benchmark study is only as good as the inputs. Carefully design the questionnaire, select high quality companies to benchmark against and put data validation measures in place.
Accelerate Your Benchmarking Initiative with Benchmarker™
By answering a few questions in the diagram below, your company can determine whether it is a good candidate to conduct a Product Innovation benchmarking initiative at a fraction of the cost of traditional methods.
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