Sally is the business analyst for her organization. Sally and her business analysis team is currently using a business analysis approach to determine what the competition of her organization is offering prospective clients. She is trying to identify solutions to increase revenue by remaining competitive with the competition.
What business analysis approach is Sally and her business analysis team using?
Benchmarking is the business analysis approach that involves comparing the practices, processes, and performance metrics of an organization to industry standards or best practices from other organizations. By identifying what the competition is offering and understanding industry standards, Sally and her team can determine how to remain competitive and identify solutions to increase revenue. Hence, Sally is using benchmarking to analyze the competition.
D. Benchmarking
D Benchmarking - V3 8.2.6 Benchmarking and Market Analysis: used to observe the results of other organizations employing similar solutions when assessing risks, trends, and variances.