Benchmarking continues its reign as one of the most popular and effective management tools used. Even great management tools cannot stand still and must evolve if they are to continue to drive value. As part of the 20th anniversary of the Open Standards Benchmarking Collaborative, in early 2022, APQC and the IBM Institute for Business Value embarked upon research to understand the impact and importance of benchmarking on organizations’ ability to make important, informed decisions, drive revenue growth, and realize cost savings.
In this report we look at how business leaders are prioritizing the use of open standards and benchmarking today and how it impacts business. But even more importantly, we preview the role of open standards and benchmarks in the ecosystem economy. We explain how benchmarking is evolving from ‘nice to have’ to an essential foundation—a common language and set of principles—for emerging economic structures and market environments.