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.
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.
Check out the illustration on the Benchmark Analysis.
Please Note: To plot the data through Benchmark Analysis, select Dates with more data so it can display min, max, and Quantile values properly. E.g., in the given example the Yearly data is showcased.
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.
The Properties fields provided under the General Settings help the users to configure various chart-related settings.
Exclude Global Filter: Enable this option to exclude the Global Filter.
Shuffle Text: Enable this option to shuffle the text in the Word Cloud.
Shrink To Fit: Enable this option to shrink the text to fit in the chart display.
Show Limited Words: Enable this option to display limited words through the Word Cloud chart.
Exclude Pronouns: Enable this option to exclude the Pronouns from the display of the Data fields.
Animation: If the Animation option is enabled, the View will display in an animated format or if disabled it will be static at the position.
Filter: Select a filter option using the drop-down menu.
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.
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).
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
Centre
Position: There are two options to position the text.
Bottom
Right
Convert To Case: Select any option to display the chart data in the selected case. The supported options are None, Lower Case, Upper Case, and Title case.
