The Importance of Benchmarking in Construction 

Benchmarking is a method used to evaluate or check performance by comparing to an industry standard or other data. 
You may think your bid win rate is “really good,” but what defines really good? Should you be comparing against your competitors or your previous experience? To really see if the win rate is truly where you want it to be, you might consider doing both! 

There are several reasons every construction company should be doing at least some basic benchmarking. It’s a clear way to set business goals that are measurable. You can monitor the results and hold your team accountable. Another bonus, it should help motivate your employees because they see a clear goal that is hopefully attainable, but also stretching their abilities. It’s an opportunity to take a step back from the daily grind and discover new ways of working, new ways to boost financial performance and just get the team thinking strategically. It can help you make strategic decisions for the future, improve productivity across employees and functions, and potentially help identify and reduce costs. It might also give you a quick insight into your company’s processes and areas where you could improve.