Global benchmarking is a process of comparing a company’s performance with that of its competitors or industry peers around the world. It involves analyzing best practices, strategies, and technologies adopted by leading companies and identifying areas of improvement. This process helps companies gain insights into how they can optimize their operations, increase productivity, and deliver better value to customers.

Global benchmarking is process of comparing to competitors

Global benchmarking benefits include:

• Identifying areas of improvement: By benchmarking their performance against industry best practices, companies can identify areas where they can improve their processes, products, or services.
• Improving operational efficiency: Global benchmarking can help companies optimize their operations by adopting best practices and technologies used by industry leaders.
• Enhancing competitiveness: By adopting best practices and strategies used by leading companies, companies can gain a competitive edge in the market.
• Boosting innovation: Global benchmarking can help companies identify new and innovative ways to improve their products, services, or processes.

An example of global benchmarking in the GCC is the case of a regional government water and electricity authority, this government-owned utility company that provides electricity and water services, engaged in global benchmarking to improve its operational efficiency, reduce costs, and enhance customer service.

The utility company improved through new technologies, smart metering, and enhanced customer service.

Through this process, the entity studied the best practices of leading utility companies around the world, including those in Europe, Asia, and North America. They identified key areas for improvement, such as adopting new technologies for power generation and distribution, implementing smart metering systems to improve billing accuracy, and enhancing their customer service channels.

The authourity implemented these best practices and achieved significant improvements in their operational efficiency, reducing their transmission and distribution losses to one of the lowest levels in the world. They also enhanced their customer service channels, including the launch of a mobile app that allows customers to access their account information, pay bills, and report issues online. As a result of their global benchmarking efforts, the authority has become one of the most efficient and innovative utility companies in the region, and has received numerous awards for its operational excellence and customer service.

Ventures Middle East (VME) is a leading management consulting firm that specializes in helping companies achieve organizational excellence through global benchmarking. With over 20 years of experience and a team of over 70 consultants from diverse backgrounds and expertise, VME has completed over 1000 successful projects across 20 industries in more than 8 languages. Our global benchmarking service helps companies identify best practices, technologies, and strategies used by industry leaders around the world. This process can help companies identify areas of improvement and develop an actionable plan for achieving organizational excellence.

If you’re looking to achieve organizational excellence and gain a competitive edge in the market, get in touch with Ventures Middle East today. Our global benchmarking service can help you identify areas of improvement and develop an actionable plan for success. Contact us today to schedule a consultation and start your journey towards excellence.