Data benchmarking helps in measuring the success of a business by comparing a current process with past processes of the company or processes of competitors. It is the most widely practiced and acceptable way of analyzing how a business stacks up against current industry norms or understanding how your competitors are doing things differently from you. It is also adopted as a practice to improve inter-department performance within organizations.
Outsource2india has over 24 years of experience in providing data benchmarking services to international companies. We have assisted several large and small companies to identify and compare benchmarks to understand performance goals, measure important metrics, and continue improving and growing. We are driven by a team of senior data analysts with experience working on a range of organizational requirements across industry verticals.
Our Data Benchmarking Services
We offer a range of benchmark data services to our clients. These include -
Internal Data Benchmarking
Internal data benchmarking is the process of comparing data of two departments within an organization for quality and performance issues. In this kind of benchmarking, data generated from one process is compared to data generated from another similar process. It is primarily done when the metrics for these two comparable systems have the same KPIs and so can be compared. With our specialized internal data benchmarking services, companies find it easy to meet particular standards across the board, and usher in consistency to make each department as competent as the other.
External Data Benchmarking
External data benchmarking involves mapping an internal process with the data of a competing or non-competing organization. This kind of benchmarking is a lot more difficult because other companies usually do not share their data easily. It entails one more risk - the risk of setting a benchmark against fudged data. Therefore, external data benchmarking is primarily done with data available for common industry standards. Yet another way, is to enter into an agreement with a peer organization that is equally keen on comparing data to identify mutual weaknesses and uplift each other. We assist you in executing this kind of data benchmarking in a highly professional way.
Competitive Data Benchmarking
Competitive benchmarking is a kind of external benchmarking that aims to map your metrics and processes with your direct competitors. The problem with this kind of benchmarking is getting access to competitor data. An easy way is to make use of some tools. We assist our clients to make use of tools like chatbots to visit competitor websites and scoop a lot of hidden data for competitive analysis. Another, available way in which we help to get access to data available on public platforms is through online channels like Twitter, Facebook, and Instagram. We even assist companies to carry out subtle surveys to identify why their customers prefer their competitors and make use of the data to compare with theirs. This kind of benchmarking helps you know what drives customer satisfaction in your industry.
Performance Data Benchmarking
This a special kind of internal data benchmarking and is primarily conducted to contrast performances of each financial year. It involves tracking KPIs and metrics within the business to draw a parallel between past outcomes to present standards. This kind of data benchmarking helps in constantly improving standards for lifting performances. Most businesses leverage our performance data benchmarking to improve key business aspects with time. This particularly helps organizations in raising and strengthening benchmarks.
Strategic Data Benchmarking
This is a special type of external data benchmarking in which organizations get to analyze what makes other similar organizations more successful. By deploying this benchmarking procedure they try to find out what exact business strategies do they follow and what makes their sales and marketing efforts successful. Over the years this kind of benchmarking has helped companies follow the footsteps of other businesses particularly in designing and executing strategies. With our one-of-a-kind strategic data benchmarking services, new businesses or startups find it easy to create a road map for the future.
Practice Data Benchmarking
This is another kind of internal data benchmarking which helps organizations keep a close eye on the processes and practices of their business. We help organizations with proper procedures in place to gather and analyze their business data for overall improvement in practices. We have experience in helping our clients find out how teams and employees are making use of a particular technology or are managing or completing their tasks. One of the most common practice data benchmarking we specialize in is process mapping. You can leverage our service to spot and address any performance gaps.
Our Data Benchmarking Process
Our data benchmarking process consists of the following steps -
01. Understand the Data to be Benchmarked
We sit with your executives to understand which data you want to be benchmarked and whether you are seeking internal or external benchmarking. It might be operations data, sales data, marketing data, etc. Next, we try to understand the reasons and objectives for benchmarking. If there are multiple data to be benchmarked, we primarily prioritize them based on the metrics that are important to all stakeholders
02. Decide Which Organizations or Companies You Want to Benchmark
If the benchmarking is to be internal, we prepare the necessary roadmap after understanding the sources to be tapped. If it is to be a competitor, we approach the competitor to see if they are willing to share the data. If not, we gather data from industry sources such as research and interviews and try to benchmark your data against them. The industry sources usually consist of shareable data from several organizations
03. Collect and Analyze Data
Once the data is collected, it is validated for correctness and consistency. This is followed by the data analysis stage. In this stage, we bank on several tools (Excel, R, Python, Looker, Rapid Miner) and data analysis software to interpret the data and derive the right conclusions. Based on client requirements we provide the right analysis common among which are predictive, prescriptive, diagnostic, statistical, etc.
04. Measure Performance of Your Data
In this stage, we analyze the insights obtained with the metrics we framed from the analysis of your data. Once the mapping is done we try to identify what leads to the gaps in your process. These may include issues like improper use of technology or lack of resources or bottlenecks in the flow of data. The findings are presented to you visually with the help of graphs and charts. Once gaps are identified, we brainstorm ways to plug those gaps
05. Create a Plan
Once we find the right solutions to plug the gaps, we create a plan to help you implement the changes. The implementation plan is suggested in phases, includes well-defined goals, and is tailored keeping the company's culture in mind. This helps in minimizing resistance from employees in getting the changes done. Once the changes are done we closely monitor them for adaptation. All the above-mentioned steps, findings, and solutions are documented for the client
Other Services You Can Benefit From
Benefits of Outsourcing Data Benchmarking Services to Outsource2india
As a specialized data benchmarking services providing company, we offer our clients several benefits. These include -
Maintain Quality at Reduced Costs
Companies are struggling to improve their standards of production by identifying the best service benchmarks. Our data benchmarking services have assisted our clients to identify benchmarks in the most cost-effective ways and without compromising on the quality of their service. Our strategic approach to benchmarking ensures there is maximum output for measurable improvements.
Expert Data Scientists
Our data benchmarking process is driven by a team of experienced data analysts and a senior project manager. All our data analysts specialize in developing models to capture data efficiently, analyze it with proper statistical methods, produce the correct reporting format, and create the narration to interpret the analysis. The project manager identifies the need of the customer and helps to plan the process of data benchmarking. Our experts have exposure to a range of industries such as benchmarking data in healthcare, IT benchmarking data, and manufacturing benchmarking data.
Compete Data/Security Protection
We offer zero risk of security breaches or compromised intellectual property (IP) rights. We follow the best security practices to ensure our client's data is fully protected. This includes having proper encryption, access control, backups, tokenization, data masking, etc. We continuously monitor your data to detect all risk and compliance issues concerning an organization's operational and financial environment.
Improved Productive Hours
It is reported that in the manufacturing sector, workers lose approximately 33 hours of productive time every year because of breakdowns, IT outages, and software and hardware failures. Out of this top-quartile, workers lose about 17 hours per year, and bottom-quartile workers lose close to 47 productive hours. This leads to a significant loss of revenue. Our benchmarking services are accurate enough to help you bring down the loss of hours to the bare minimum.
Improved Customer Satisfaction
Quality of service is an important parameter to measure the performance of any organization. And in almost all companies this is measured in terms of customer satisfaction. Our data benchmarking services are designed to assist you to maintain the quality of service consistently. At the same time, we ensure that this is maintained in the context of cost. Our services will help you strike an appropriate balance between maintaining quality and expenditure needed to meet it.
By relying on us for data benchmarking, companies and departments have been able to track their ROI on an ongoing basis. This has in turn helped them make intelligent investment decisions. With our standard data benchmarking practices and outcomes, organizations have managed to keep the first-level resolution rate high, eliminate issues through root-cause analysis, and reinstate productive hours for workers.
Client Success Stories
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O2I's experienced market research analyst and account manager provided robust and reliable research services from both online and offline sources for a leading marketing strategy consulting firm.Read more
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Outsource Data Benchmarking Services to Outsource2india
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Outsource2india has over 24 years of experience as a data benchmarking services company. Over the years we have assisted several companies to calibrate and re-calibrate their performance metrics with precision. Our services have helped our clients compare performance between their nearest competitors, understand how markets and technologies are performing, track performance trends over time; improve critical areas to compete with the best, and evaluate service and quality problems. We bank on a range of data-driven metrics and reliable and intelligent databases to cross-check and ensure accurate and result-oriented benchmarking services. In addition, we specialize in generating real-time reports.
If your business is looking for the best data benchmarking services in India and globally, get in touch with our experts now.
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