Competitive Benchmarking

Having no idea about the industry a company is a part of is almost like playing bulls-eye with a blindfold on. And, competing in a sphere with limited knowledge of competitors and their strategies puts a company in a very precarious position. Not every strategy of a company goes right and working in an environment of no external knowledge prove to be a gamble which may not pay very well. In hindsight, companies which have had valuable information relating to its competitors and the industry have been the ones most resilient and agile enough in terms of changes in strategy and flexible in introducing new processes and workflow. Competitive Benchmarking is a process that can help an organisation assess changes in the industry, track competitors and position itself to develop tactical manoeuvres.