Benchmark Analysis

Benchmarking analysis is a systematic process used to compare and evaluate an organization's performance against industry standards or best practices. It involves identifying areas for improvement, selecting benchmarking partners, collecting and analyzing relevant data, and implementing improvements based on the findings.

For example, a retail company can compare its customer satisfaction scores with industry benchmarks to identify areas where it needs to enhance its service quality.

Benchmarking analysis allows businesses to identify performance gaps by comparing their performance against industry leaders or competitors. This helps to understand areas where the company is falling behind and needs improvement.

Best Situations to Use a Benchmark Analysis

• Performance Evaluation: To identify productivity, efficiency, or profitability gaps by comparing your company to competitors or industry standards.

• Identifying Improvement Areas: To spot inefficiencies and adopt best practices for process, product, or service enhancement.

• Strategic Decision-Making: To guide market expansion, new product launches, or restructuring by assessing competitors and aligning with industry leaders.

• Cost Reduction and Efficiency Gains: Uncover opportunities for cost optimization by comparing operational expenses to industry norms.

• Customer Satisfaction: Compare customer satisfaction with industry peers to improve service strategies and retention.

• Innovation and Product Development: Gain insights into market trends and competitor offerings for competitive product development.

• Compliance and Risk Management: Ensure compliance and mitigate risks by comparing internal practices with industry standards and regulations.

Best Situations to Use a Benchmark Analysis Chart

• Performance Tracking: By comparing the actual data against the set or Historical benchmarks. E.g., Sales Performance, Employee Performance.

• Financial Analysis: Budget vs. Actual Expenditures, Profit Margins against industry benchmarks to evaluate financial competitiveness.

• Operational Efficiency: Monitoring actual production metrics against targets or actual industry benchmarks.

Properties of a Benchmark Analysis Visualization

General Settings

The Properties fields provided under the General Settings help the users to configure various chart-related settings.

• Exclude Global Filter

  • When enabled, the chart will not be affected by any global filters applied at the dashboard or report level.

  • Useful when you want this chart to always display the full dataset, regardless of global filters.

  

• Order

  • Defines how the data is displayed.

  • Options include None (default), Ascending, or Descending.

  • Helpful for controlling the sequence of categories or values in the chart.

• Show Data Validation

  • When checked, the chart will perform and display data validation details.

  • Ensures that the data used in the chart follows defined rules or constraints.

• Stroke Color

  • Sets the border/outline color for chart elements (e.g., boxes, shapes).

  • Improves visibility and separation of data boundaries.

• Upper Box Color

  • Defines the fill color of the upper box (often used in box plots or similar charts to represent the upper range of data values).

• Lower Box Color

  • Defines the fill color of the lower box (used to represent the lower range of data values).alignment

• Opacity

  • Controls the transparency of chart elements.

  • A value between 0 (fully transparent) and 1 (fully opaque).

  • Example: 0.8 makes the boxes slightly transparent, allowing overlaps or background details to remain visible.

View Filter

• Filter: Select a filter option using the drop-down menu.

Category Axis

The Category Axis consists of several crucial properties for the X-axis of the chart.

• Title: Define the title for the axis to provide context.

• Axis Label: Customize the labels on the axis to improve the readability of the data points.

• Label Angle: Adjust the angle of labels to enhance space usage and readability.

Primary Value Axis

The Primary Value Axis provides essential controls for the Y-axis of the chart.

• Title: Set a descriptive title for the axis to provide context to viewers.

• Axis Label: Customize the labels on the axis for clarity and a better understanding of data values.

• Format Type: Select a desired format type from the drop-down menu (the provided options for this field are: None, Auto, Percent, Thousand, Lacs, Crore, Million, Billion, Trillion, Quadrillion).

• Currency Type: Select a currency symbol to be displayed in the view (the provided options for this field are: None, Rupees, Euro, Pound, USD, Yen, Cent).

• Precision: Set the after-decimal value (It displays up to 5 precision).

Insights

• Text: Provide any information regarding the chart. If any digit or character is required to be highlighted, put it inside two asterisks. (E.g., *70%* or *skills*).

• Font Size: Set/modify the Font Size of the Insights text.

• Font Color: Select a Font color for the Insights Text.

• Text align: There are three alignments to align the text.

  • Left

  • Right

  • Center

• Position: There are two options to position the text.

  • Bottom

  • Right

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The Modified Benchmark Analysis View