Mataracy
VIP Contributor
Benchmarking can be describe as a way in which a company compare it business with others competitors in other to improve it performances.
PURPOSE OF BENCHMARKING
A benchmark is an organisation that provides the 'best practice' for comparison.
An entity uses benchmarking to evaluate its own products, services or work processes by comparing them with the 'best practice' of the benchmark organisation.
Another purpose of benchmarking is to identify measure that need to be taken to improve or change,so that the organisation becomes as good as, or better than,the benchmark.
Benchmarking is a continues process of measuring products ,services and practices against the toughest competitors or the companies recognised as industry leader( best in class) (Xerox company).
THE POTENTIAL BENEFIT OF BENCHMARKING
(1) Benchmark can offer a lot of benefits. It can be us to identify aspect of performance that are week,where improvements are necessary.
(2) It helping string of target for improvement that are realistic and practicable.
(3) It can be used to look at practices in companies in different industries,and to learn from them.
(3) It encourages continuous improvement: it encourages managers and employees to make improvements, and to belive that changes are necessary.
What did you understand by the word benchmarking in a company?
PURPOSE OF BENCHMARKING
A benchmark is an organisation that provides the 'best practice' for comparison.
An entity uses benchmarking to evaluate its own products, services or work processes by comparing them with the 'best practice' of the benchmark organisation.
Another purpose of benchmarking is to identify measure that need to be taken to improve or change,so that the organisation becomes as good as, or better than,the benchmark.
Benchmarking is a continues process of measuring products ,services and practices against the toughest competitors or the companies recognised as industry leader( best in class) (Xerox company).
THE POTENTIAL BENEFIT OF BENCHMARKING
(1) Benchmark can offer a lot of benefits. It can be us to identify aspect of performance that are week,where improvements are necessary.
(2) It helping string of target for improvement that are realistic and practicable.
(3) It can be used to look at practices in companies in different industries,and to learn from them.
(3) It encourages continuous improvement: it encourages managers and employees to make improvements, and to belive that changes are necessary.
What did you understand by the word benchmarking in a company?
