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Navigating the New Normal Through Benchmarking

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Navigating the New Normal Through Benchmarking

The COVID-19 Pandemic brought drastic changes to the world as well as the workplace. Businesses were forced to rapidly adopt new behaviors due to the uncertainty of the global health crisis. The pandemic came with a major economic shock including mass layoffs and business closures as well as a shift in business models, creating a new normal.  

Hybrid and remote work grew in popularity providing flexibility for employees as well as lowering costs for companies. 77 percent of office-based workers were working remotely full time, compared with 9 percent before the start of the pandemic. Companies also downsized office spaces and reduced employee travel because of employee health concerns and financial fragility.  

Businesses have been doing their best to navigate changes since the pandemic and with the possibility of a recession stirring, how does one know whether your business is performing up to the industry standards? By using competitive benchmarking.  

What is benchmarking? 

Benchmarking is one of the best practices and has been used since the 1800s to gain a competitive advantage and measure businesses’ processes against others. It looks at specific performance metrics and processes to determine achievable goals for your business. 

How does benchmarking help your business’ performance? 

Corporate real estate benchmarking shows areas where your business can lower expenses, improve internal operations, and compare it to historical data in the entire industry. 

By analyzing your competitors and setting goals based on the performance standards of world-class organizations, you can see how your business measures up to the trends and demands of the modern market. 

This is a necessary part of monitoring the growth and progress of your business. During times of uncertainty, it is important to understand where you are versus how your competitors are doing. Start using corporate real estate software to stay on track and keep up with industry standards. 

Interested in seeing how benchmarking can help your business? Schedule a free 15-minute consultation call and let us show you how your competitors are benchmarking their key metrics. You won’t want to miss this opportunity.

Schedule a consultation with RefineRE

Here's what you can expect:

    ‣ A 15-minute call
    ‣ Identify your biggest challenges
    ‣ Explore automated solutions to optimize your strategy