How can you avoid sharing sensitive information during benchmarking?

2 Limit the scope

Another tip to avoid sharing sensitive information during benchmarking is to limit the scope of the data you provide and request. You should only share and ask for information that is relevant, necessary, and measurable for your benchmarking goals. For example, you can focus on key performance indicators, best practices, or industry averages, rather than specific numbers, names, or contracts. You should also avoid sharing information that is proprietary, confidential, or strategic, such as your pricing, margins, or future plans.

3 Use ranges or averages

A third tip to avoid sharing sensitive information during benchmarking is to use ranges or averages instead of exact figures. This can help you maintain some flexibility and confidentiality in your data, while still providing useful insights and comparisons. For example, you can use percentage ranges, quartiles, or median values to represent your costs, quality, or efficiency, rather than absolute numbers. You can also use averages or weighted averages to smooth out any outliers or anomalies in your data.

4 Review the terms

A fourth tip to avoid sharing sensitive information during benchmarking is to review the terms and conditions of any benchmarking agreement or platform you use. You should make sure that you understand and agree with how your data will be used, stored, and shared by the third party, the other participants, or the public. You should also check if there are any clauses that restrict your access, ownership, or control of your data, or that require you to disclose or update your data regularly.

5 Verify the sources

A fifth tip to avoid sharing sensitive information during benchmarking is to verify the sources and quality of the data you receive and use. You should not blindly trust or accept any data that is provided by the third party or the other participants, as it may be inaccurate, outdated, or manipulated. You should also not rely on any data that is self-reported, unverified, or incomplete, as it may be biased, misleading, or irrelevant. You should always check the credibility, validity, and timeliness of the data before using it for your benchmarking purposes.

6 Use caution and common sense

A final tip to avoid sharing sensitive information during benchmarking is to use caution and common sense when communicating and collaborating with other vendors. You should not share any information that you are not comfortable or authorized to share, or that could harm your business or reputation. You should also not expect or demand any information that is unreasonable or unethical to ask for, or that could violate any laws or contracts. You should always respect the privacy and confidentiality of the other participants, and expect the same from them.

7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?