The Advantages of External Benchmarking vs Internal Benchmarking in the Oil, Gas, and Energy Industry

The energy industry is constantly evolving, and the struggle to remain competitive and profitable in the open market is intensifying. It is imperative for companies to understand how effective one’s operations are compared to industry competitors to know where there are areas to improve and guide strategic decision-making. While internal benchmarking is valuable alone, without external comparison to other organizations, it creates a tunnel-like vision. Engaging in external benchmarking expands your “limited” perspective, allowing you to truly see how you compare to some of the top performers in the oil and gas industry. Solomon’s benchmarking studies are more in depth than internal benchmarking, resulting in drill-down capabilities to verify outcomes and justify changes.