Benchmarking

Sageworks
April 4, 2017
Read Time: min

What it is and why it’s important to small business owners.


Definition

Benchmarking is the process of using various financial metrics to evaluate the performance of a business against its competitors in an industry.


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How it is Used

Companies from different industries use benchmarking to gauge the strengths and weaknesses of their business. Benchmarking helps companies identify problem areas and make necessary changes based off of others who have seen more success in the industry. Some organizations also use internal benchmarking as a way of improving performance in different departments.


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About the Author

Sageworks

Raleigh, N.C.-based Sageworks, a leading provider of lending, credit risk, and portfolio risk software that enables banks and credit unions to efficiently grow and improve the borrower experience, was founded in 1998. Using its platform, Sageworks analyzed over 11.5 million loans, aggregated the corresponding loan data, and created the largest

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About Abrigo

Abrigo enables U.S. financial institutions to support their communities through technology that fights financial crime, grows loans and deposits, and optimizes risk. Abrigo's platform centralizes the institution's data, creates a digital user experience, ensures compliance, and delivers efficiency for scale and profitable growth.

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