What is benchmarking?
Benchmarking is a continuous improvement process. Using online surveys, participants gather data related to the management of their facilities. Facility Issues analyzes this data and shares the results (anonymously) with the participants, who can see how they compare to high-performing peers. Benchmarking identifies best practices — in other words, practices that yield the best results for the least cost.
How can benchmarking benefit my organization?
The most tangible benefit of benchmarking is cost savings, which can be significant. For example, our Research Facilities group saved more than $158 million over a 5-year period — an average of about $1.25 per square foot annually.
Benchmarking offers other benefits, too. It is a way to…
- Measure your effectiveness
- Identify your strengths and weaknesses
- Reduce costs and add value
- Justify costs and practices
- Practice continuous improvement
- Identify the best practices for your facility
- Establish goals for further improvements
- Provide information for strategic planning
- Challenge “business-as-usual” methods
- Facilitate discussions about best practices between organizations
- Learn from others so you can apply their techniques in your organization
Tips for successful benchmarking
- Understand that you will be best in some, but not all, areas.
- Be willing to learn continually.
- Be open to learning from the mistakes and successes of others.
- Make measuring and improving performance a priority.
The best organizations today, our role models, use benchmarking well.