Technology benchmarking is a process by which an enterprise performs a direct comparison of its technical performance and other entities with similar operations. Technological metrics are an important element in benchmarking process. The evaluation can be with competitors or others who are best in the world in that particular technology.
The benchmarking process consists of ten steps and they are listed below:
- Identification of metrics for benchmarking process.
- Identification of enterprise to be compared.
- Data methodology and collection.
- Analysis of current performance and differences.
- Forecast for future performance levels.
- Communication of findings of the process.
- Functional goal establishments
- Development of enterprise plan of action to improve performance.
- Implementing and monitoring action plan.
- Recalibration of developed benchmarks to determine if improvements are needed.