What is the difference between trending and benchmarking? Which is most appropriate for me?
Trending (Internal) – You know where you stand in the marketplace and just want to track internal organizational issues year to year. Most appropriate for firms with unique strategies, structures and operating systems – it is difficult to identify similar firms. Benchmarking (External) – You want to compare your organization to similar firms. This reference point allows you to celebrate successes, to create a perceived need for change around weaknesses, and identify trends. Typically, this external comparative benchmark provides critical information for continuous improvement efforts, and is used to increase effectiveness.
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- What is the difference between trending and benchmarking? Which is most appropriate for me?
