Benchmarking That Delivers Real Competitive Advantage

In today’s hyper-competitive markets, standing still is not an option. Leaders constantly ask themselves: Why are my competitors able to deliver faster, cheaper, or better? Benchmarking is the tool that provides the answers. At its core, benchmarking is “the practice of comparing business processes and performance metrics to industry bests and best practices from other companies” (Wikipedia, Benchmarking). But in practice, effective benchmarking goes far beyond numbers—it uncovers the why behind performance gaps and provides a roadmap to close them.

At Midas Consulting, we see benchmarking not as an academic exercise but as a catalyst for change. Done right, it helps organizations optimize processes, improve cost structures, and achieve sustainable competitive advantage. Done poorly, it results in pretty PowerPoints that never get implemented. Our experience across 300+ benchmarking projects in Latin America and beyond shows what works, what doesn’t, and how executives can get real value.

Why Benchmarking Matters

Most leaders agree benchmarking is important. But many stop at surface-level comparisons, which may highlight what the difference is, without explaining why it exists or how to address it. A robust benchmarking process provides three critical benefits:

Clarity on reality, not averages. Industry reports often rely on broad averages. The problem is, no company is “average.” To make smart decisions, you need to know the actual processes or costs of the specific competitors you face. That’s the only way to identify what really moves the needle.

As one Regional Leader told us after a Midas project:

“We’ve done benchmarking before, but never have I been so clear on how and why competitors act the way they do.”

Turning insights into action. Many benchmarking studies stop at highlighting differences. The real value comes when those insights translate into specific actions—adjustments in pricing, changes in process design, or reallocation of resources. That requires close collaboration with local teams so the findings resonate internally

A Regional Director from a recent engagement put it simply:

“Midas worked side by side with our team, speaking their language and understanding their reality. This connection made all the difference.”

Driving alignment across the organization. When everyone—from frontline managers to executives—shares a clear understanding of where you stand and what to do next, you can accelerate decision-making. Benchmarking becomes a common language to rally the organization around improvement

The Challenges of Benchmarking in Latin America

For executives operating in Latin America, benchmarking is both essential and uniquely challenging. We consistently encounter three hurdles:

Limited transparency. In many markets, public data is scarce or unreliable. Understanding competitor costs or processes often requires fieldwork, supplier interviews, and local knowledge. Without this, it’s easy to make decisions based on guesswork

Regional complexity. What works in Brazil may not work in Mexico. Differences in labor costs, regulation, or even union dynamics create diverse operating realities. Benchmarking across Latin America requires sensitivity to these nuances

Low internal adoption. Too often, global consultancies deliver generic recommendations that don’t resonate locally. Without buy-in from local teams, implementation stalls. The key is involving them from day one, co-creating solutions that reflect operational realities

As one CEO told us after a project:

“Midas delivered practical, effective recommendations that made a real difference—bringing us closer to our competitor.”

A Step-by-Step Approach That Works

At Midas, we follow a proven process designed to overcome these hurdles and deliver actionable results:

Kick-off and alignment. We begin by understanding your own processes and costs. This ensures we’re benchmarking the right things

Fieldwork and analysis. We gather data through interviews, secondary research, and on-the-ground analysis. The goal: uncover the real cost structures and process differences of competitors

Interim report. At 30–40% completion, we share preliminary findings. This gives you early visibility and allows scope adjustments

Deep dive and co-creation. We return to the field to fill gaps, then work with your local teams to interpret the data and build solutions together

Final report and implementation support. We don’t stop at handing over a document. We review every deliverable with your team, answer questions, and ensure clarity for implementation

As one Vice-President commented:

“Just to reiterate, this is fantastic. I’m really excited to see such valuable insights and information! Thank you again!”

Strengths and Weaknesses of Benchmarking

Like any tool, benchmarking has strengths and weaknesses. Leaders who understand both can maximize the benefits

Strengths:

Reveals blind spots. Competitors may excel in areas you hadn’t considered important until you see the gap

Provides a reality check. Internal perceptions often differ from market realities. Benchmarking grounds decisions in facts

Accelerates improvement. With clear comparisons and actions, organizations move faster toward best practices

Weaknesses:

Risk of imitation. Simply copying competitors can erode differentiation. The goal is not mimicry but adaptation

Data challenges. In opaque markets, getting accurate information is complex. That’s why local expertise is critical

Implementation hurdles. Insights mean little if they aren’t embraced by local teams and translated into action

Our approach addresses these weaknesses directly—by uncovering “the why,” grounding findings in local realities, and co-creating solutions that stick

Practical Cases: Benchmarking in Action

Closing the pricing gap in syringes. A multinational syringe manufacturer faced consistent undercutting in government tenders. We benchmarked competitor plants in Brazil and Paraguay, mapping cost structures and supplier dynamics. The result? Clear visibility into the competitor’s cost advantage and a roadmap to close the gap. The client adjusted its strategy, regaining competitiveness in key bids

Rethinking salesforce incentives in healthcare. A diabetes metering company wanted to benchmark its sales organization. We mapped competitor sales structures and compensation models across Argentina, Brazil, Mexico, and Peru. The insights allowed the client to refine its own incentives, driving stronger performance and alignment across the region

Optimizing R&D investment in food. A food multinational sought to benchmark its new R&D center against a Brazilian competitor. By mapping org charts, partnerships, and priorities, we revealed where resources were misaligned. The client redesigned its setup, improving efficiency and innovation focus

As one Market Segment Leader summed up:

“We are extremely satisfied with the benchmarking. It helped us reassess our priorities and redirect our resources.”

Why Our Benchmarking?

With more than 25 years of experience and 300 benchmarking projects in Latin America, Midas Consulting has seen it all—opaque markets, regional complexity, cultural challenges. Our Net Promoter Score of 82.2% reflects our commitment to results, not theory.

Our differentiators are clear:

Reality over averages. We reconstruct competitor processes and costs from the ground up

Co-creation with local teams. Insights resonate because they reflect operational realities

Actionable outcomes. Recommendations don’t stay on slides—they become implemented changes

A Business Unit Manager recently told us:

“I truly believe no one understands benchmarking in the region like Midas. Whenever I need support, they’re the team I trust.”

Conclusion: From Insight to Action

Benchmarking is not just about knowing where you stand. It’s about turning that knowledge into action—closing cost gaps, refining sales models, and aligning organizations for growth. In a region as complex as Latin America, it requires more than reports; it requires local expertise, collaboration, and a relentless focus on outcomes

At Midas Consulting, that’s what we deliver. Our clients don’t just get comparisons; they get clarity, alignment, and results

If your organization wants to move from visibility to competitiveness—if you want to know not just where you stand, but why and how to improve—let’s talk. Benchmarking may be the catalyst your business needs to close gaps and unlock growth

Let’s talk!

Successfully using benchmarking isn’t just about understanding the process; it’s about flawless execution. This is where we can help

We’re with you at every step to benchmark your competitors!

With over 300 projects completed, we’ve developed a proven approach to help companies like yours gain a competitive edge. We’re with you every step of the way to get your benchmarking