By definition, to benchmark is to evaluate or compare with a pre-set standard. When a business analyst is benchmarking, they take a deep dive into a competing organization and then uses those marks to set a standard for the company with which they are working.
This deep dive could include hiring practices, return policies, product development, manufacturing procedures, and more. Explain to the interviewer how you, as a successful business analyst, use benchmarking to help your clients achieve their goals.
"In a nutshell, benchmarking is the practice of setting your business standards against your competitors. When properly utilized, benchmarking can help an organization to take a critical look at their competitors' performance, and learn from mistakes of the past while benefiting from best practices which may already exist. This dive could include dissecting existing processes, the analysis of different sets of data, and developing an action plan around what your competitors may, or may not be doing."
"Benchmarking is the important practice of comparing your business against other businesses that are already very successful. It's like a smart, analytical comparison. I believe it's essential to benchmark when a company is looking at making a significant change, are seeing a loss of revenue, are anticipating the launch of a new product, or need to recalibrate their business operations in one way or another."
"Essentially, benchmarking is setting your business standards against your competitors. Benchmarking can encompass product development, profitability ratios to manufacturing procedures. Benchmarking is useful in evaluating competitors’ performance and learning how to benefit successful practices and avoid errors. From there, you can dissect existing processes utilizing multiple sets of data and develop a plan to implement."
A very clear answer - good job! You seem to have a knack for explaining your work in easy to understand terms, a valuable skill in your line of work.
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