IT benchmarking involves comparing and measuring products and services against competitors to determine competitiveness and areas for improvement. Data collection and analysis lead to identifying strengths, weaknesses, and opportunities for improvement. Solutions are then recommended and applied, with regular repetition.
Information technology benchmarking is a process in which companies involved in information technology (IT) compare and measure their products and services against each other. This helps companies determine if they are competitive enough and if there are aspects within the company that need improvement. The process usually looks at three important factors: budget, technology resources, and human resources. Benchmarking of information technology can be done at a local, national or international level, depending on how competitive and successful a company intends to become.
One of the first steps in performing information technology benchmarking is data collection, which may include customer questionnaires and interviews, public records from rival companies, and the company’s own past records. Statistics such as sales records, production costs and overall budget allocation are also analyzed. By collecting relevant and meaningful data, the company can have a definitive benchmark against which it can compare itself and its overall performance.
After data collection comes data analysis and comparison. At this stage, companies can form focus groups, consisting of key people in the company, or peer groups, which consist of different people from other similar IT companies. Peer groups are generally preferred because although the group is made up of people from “rival” companies, it brings a broader perspective and more creative ideas because of different contexts. An important condition is that peer group members are willing to pass on information, as the goal is to make the information technology industry as a whole more successful. At this stage of information technology benchmarking, the companies involved can begin to identify their strengths, weaknesses and external opportunities that can improve products and services.
In the next stage of information technology benchmarking, solutions can be created, recommended and applied. The application period itself can take a long time, as it may involve introducing and adapting a new system to the business and seeing whether or not it produces improvements. Information technology benchmarking is usually performed on a regular and repeated basis with long intervals, especially as technology is constantly changing and updating and companies need to keep up with innovations. The process, however, must be carried out wisely and with sufficient preparation as it can be time, energy and money consuming. Information technology benchmarking is beneficial not only for IT companies but it is also very advantageous for customers as better products and services are constantly being made available to them.
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