Balanced Scorecard and Benchmarking - Revise. Stage of benchmarking.

4. Revise. This step is followed to reveal how close the efforts reached in meeting their objectives. Hindrances that were experienced in the process should be looked into and methods to lessen their effect should be adopted. Also, the willingness to bring the changes is gauged at this stage.

• Return to the Balanced Scorecard and Benchmarking

It covers the up-grading of the blueprint, i.e. the BSC framed for benchmarking, in order to keep up with the changes of external and internal environment. Because the organization is relying on the scorecard to plug the loopholes in the business processes, it is important to keep it up-to-the mark and reflect the dynamicity of both the macro and micro environments.

The best possible way to do this is to keep in touch with the ‘benchmark partners’ and work in a collaborative manner. However, referring to trade journals and other similar magazines, on a consistent basis is also a good option. It will inform the organization of ‘what’s in, what’s out’ in terms of industrial competitiveness and help it in refining its attempts.