Benchmarking is a Great Way to Find Product Ideas
If you’re a business owner, manager, or a Product Owner or Product Manager you’ll often be on the lookout for new product ideas or ways to improve your business.
One of the best ways to do this is with Benchmarking.
Benchmarking is comparing your current product or process to a similar product or process in another team or organization. It doesn’t have to be in the same industry – some of the best ideas can come from similar things but in completely different fields.
The steps to Benchmarking are:
- Select the process you want to improve,
- Select the organization or team you want to compare to,
- Document your current process,
- Collect data and compare your process to other organizations,
- Plan and implement the changes,
- Review the results, and repeat.
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