Benchmarking refers to the process of comparing the company’s products and process to those of competitors or leading firms in other industries to identify best practices dn find ways to i9prove quality dn performance.
It is an organized method for collecting data that can be used to improved organizational operations, through comparisons with other units or functions. It is a tool and can be used to accomplish the following:
- Stimulate an objective review of processes, practices, and systems
- Motivate employees to perform to a higher standard, by providing a common target for improvement
- Provide objective comparative data with best in class organizations
- Raise questions and stimulate discussion about better ways of operating.
Benchmarking is the process of determining how well other companies perform business functions or tasks.
Share it: Cite
More from this Section
Benchmark is the standard of excellence against which to measure and compare. ...
- Contingency planning
Contingency planning is the process of identifying an organization’s critical information ...
- High-high leader
Research found that a leader who was high in both initiating structure and consideration ...
- Traditional view of conflict
Traditional view of conflict refers the view that all conflict is bad and must be avoided. ...
Sponsorship is involves providing funds for a sporting or cultural event in exchange for ...