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Business Analyst Mock Interview

Question 29 of 30 for our Business Analyst Mock Interview

Business Analyst was updated by on October 25th, 2021. Learn more here.

Question 29 of 30

What is benchmarking, and why is it important?

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.

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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

      Anonymous Interview Answers with Professional Feedback

      Anonymous Answer

      "Essentially, benchmarking is setting your business standards against your competitors. Benchmarking can encompass product development, profitability ratios, to manufacturing procedures. Benchmarking helps evaluate competitors' performance and learn 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 them."

      Rachelle's Feedback

      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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