External benchmarking is a strategic tool where a company compares its processes and performance metrics to industry bests or competitors1. Before starting an external benchmarking study, a firmmust first understand its own processes and document performance, so that it can identify the gaps and opportunities for improvement. This is also a requirement for regulatory compliance2. Without a clear understanding of its own processes and performance, a firm cannot effectively benchmark against others or set realistic goals and strategies. References:
•What Is External Benchmarking? (with picture) - Smart Capital Mind
•5 Strategies for Effective ASC External Benchmarking - Becker’s ASC
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