Functional benchmarking

This refers to the process of benchmarking of specific business functions against best practice comparators, typically in other organisations or industries.

Functional benchmarking is best applied to generic functions where performance is less impacted by industry specific factors. For example comparing the time taken to process supplier invoices, or comparing the ratio of HR staff to the number of employees.

Functional benchmarking is a term normally found in performance management and strategic management.

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