What is Benchmarking?

Benchmarking is the process used by management and particularly strategic management, in order to evaluate key aspects of their business processes in relation to best practice, within their own sector. Our benchmarking initiatives are designed to assist our members to assess how their business is performing in comparison to businesses with a similar scale and geographic profile, within the same industry.

Benchmarking is a powerful management tool because it overcomes 'paradigm blindness." Paradigm Blindness can be summed up as the mode of thing "The way we do it is the best because this is the way we've always done it." Benchmarking opens organizations to new methods, ideas and tools to improve their effectiveness. It helps crack through resistance to change by demonstrating other methods of solving problems than the one currently employed, and demonstrating that they work, because they are being used by others.

Madison has 2 clearly defined Benchmarking processes, designed to separate the financial side of business, with the practical.

• Financial Benchmarking
• Operational Benchmarking