How to Answer: What is benchmarking, and why is it important?
Advice and answer examples written specifically for a Business Analyst job interview.
29. What is benchmarking, and why is it important?
How to Answer
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 use those marks to set a standard for the company they are working with.
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.
Written by Rachelle Enns
1st Answer Example
"In a nutshell, benchmarking is the practice of setting your business standards against your competitors. When properly utilized, benchmarking can help an organization take a critical look at their competitors' performance and learn from past mistakes while benefiting from best practices that 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."
Written by Rachelle Enns
2nd Answer Example
"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, seeing a loss of revenue, anticipating the launch of a new product, or need to recalibrate their business operations in one way or another."
Written by Rachelle Enns
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