Benchmarking is about choosing a basis for comparison to evaluate how efficiently and effectively tasks in a business can be implemented and is a guide for a company in creating improvements.
A range of metrics to provide strategic and timely insights into:
- Ongoing benchmarking of an organisation’s products’/services’ or local councils’ performance against national and local aggregate metrics.
- Customers can rate satisfaction with sales representatives who are benchmarked against others, therefore a useful metric for measurement of employee performance.
- Continual tracking to act as an early warning system to inform of important changes in category, consumer or brand perceptions over time.
Tracking and monitoring is a way to design decisions for strategic systems and is a way to specify what information measures are needed on each of the key variables and whether implementation remains on schedule. Tracking is also useful as a warning system and problem diagnosis tool. It is highly important in examining the relevance, accuracy and costs.
A strategic monitoring system should be able to answer these six questions:
- What are the changes in environment that have negatively affected current strategy?
- What are the changes made in strategies and objectives created by competitors?
- What changes have happened in the industry ranging from entry barriers or substitute products?
- Are there new opportunities or threats that have been created from changing environment?
- What changes have occurred in key success factors?
- Is a business strategy consistent with changes?
newfocus can help track customer satisfaction, brand awareness, advertising awareness, trial, repeat buying processes and customer brand perceptions and attitudes.