New Research by APQC and IBM Institute for Business Value Estimates the Business Value of Benchmarking Could Exceed $1 Trillion Annually for Fortune 1000
HOUSTON, Jan. 10, 2023 /PRNewswire/ -- A survey of 2,000 global C-suite executives by APQC and the IBM Institute for Business Value (IBV) finds that, over the past two decades, benchmarking has evolved from a back-office function focused largely on cost control, to a strategic imperative enabling collaboration, innovation, and value creation.
- Extrapolated across U.S. Fortune 1000 companies, the survey results indicate that the business value of benchmarking could exceed $1 trillion.
- In addition to the considerable amount of business value attributed to benchmarking, survey participants indicated:
Transformation programs are gaining traction. - 71% of executives say that benchmarking helps drive organizational transformation, and 68% say benchmarking helps translate more business value from transformation efforts.
- The study research report, Boundless Benchmarking: Revolutionizing Business Models with Open Standards, can be downloaded from the websites for APQC and the IBM IBV .