Benchmarking: The Good and the Bad
In Forbes, Dave McGuire explains the good and the bad of benchmarking. To use benchmarking effectively, companies must consider their end goal. If the end goal is profitability, benchmarking must take that into consideration. If the goal is to reduce risk, it is more important for companies to understand their risk portfolio than to compare revenue between companies when assessing cyber insurance policies. As data analytics and artificial intelligence tools continue to grow, more benchmarking tools will become available. Businesses need to understand how to utilize these tools to grow bottom-line revenue.