Benchmarking is the process of comparing your company metrics to the metrics of your industry competitors or to those of innovative companies outside the industry.
Common metrics for benchmarking include:
- Production costs
- Employee turnover
- Process cycle time
The balanced scorecard is a framework for tracking important aspects of company strategy and for facilitating organizational improvement or change. It measures metrics beyond typical financial metrics to help companies keep long-term strategic goals in focus and spot trouble before it appears in the financial statements.
The scorecard is a comprehensive and quantitative set of objectives that can be measured over time. Common components include:
- Market share
- Employee morale
- Customer satisfaction metrics
There is a whole suite of frameworks focused on analyzing the client organization itself. For the most part, these frameworks can also be used to analyze competitor organizations, and thus are often also used for purposes of market analysis.
Evaluates the Strengths, Weaknesses, Opportunities, and Threats of an organization. It provides basic directions for structuring strategic analysis. This is often done in conjunction with PEST (Political, Economic, Social, and Technological) analysis.
Developed by Michael Porter, the Value Chain framework helps us analyze specific activities through which an organization can create value and a competitive advantage.