What is the value of benchmarking in program management?

Benchmarking holds significant value in program management as it enables programs to compare their performance against established best practices. This comparative analysis provides insights into how a program measures up against industry standards or peers, highlighting areas of strength as well as opportunities for improvement. By identifying gaps in performance, organizations can adopt effective strategies and processes that have already proven successful elsewhere, ultimately leading to enhanced efficiency and effectiveness.

Additionally, benchmarking fosters a culture of continuous improvement, as teams can set more informed and realistic goals based on the performance metrics derived from this external comparison. As programs learn from the successes and challenges of others, they also cultivate an environment focused on growth and adaptation, which is vital for achieving long-term objectives in program management.