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Does benchmarking really save companies from failure?

Why comparing yourself against your competitors often leads to mediocrity.

Best practice and benchmarking are often just a race to be first at being average. The chances of someone else’s best practice working in a different environment is unlikely.

Not only is it unlikely but the very act of best practice and benchmarking can drive standards down. It encourages all organisations to think alike. At sector level it creates groupthink, and we all know groupthink is the avowed enemy of innovation.