Quality benchmarking methodology: Case study of finance and culture industries in Latvia

Political, socio-economic and cultural changes that have taken place in the world during the last years have influenced all the spheres. Constant improvements are necessary to sustain in rival and shrinking markets. This sets high quality standards for the service industries. Therefore it is important to conduct comparison of quality criteria to ascertain which practices are achieving superior performance levels. At present companies in Latvia do not carry out mutual benchmarking, and as a result of that do not know how they rank against their peers in terms of quality, as well as they do not see benefits in sharing of information and in benchmarking.The purpose of this paper is to determine the criteria of qualitative benchmarking, and to investigate the use of the benchmarking quality in service industries, particularly: finance and culture sectors in Latvia in order to determine the key driving factors of quality, to explore internal and foreign benchmarks, and to reveal the full potential of inputs’ reduction and efficiency growth for the aforementioned industries.Case study and other tools are used to define the readiness of the company for benchmarking. Certain key factors are examined for their impact on quality criteria. The results are based on the research conducted in professional associations in defined fields (insurance and theatre).Originality/value – this is the first study that adopts the benchmarking models for measuring quality criteria and readiness for mutual comparison in insurance and theatre industries in Latvia.