2. Benchmarking Benchmarking Benchmarking is the process of continually searching for the best methods, practices and processes, and either adopting or adapting their good features and implementing them to become the “best of the best. “Use benchmarking both for comparison of performance as well as to understand the potential for improvement”
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4. A process of investigation that provides valuable information
5. A process of learning from others; a pragmatic search for ideas
20. Performance benchmarking - allows the initiator firm to assess their competitive position by comparing products and services with those of target firms.
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22. Functional benchmarking - a company will focus its benchmarking on a single function to improve the operation of that particular function. Complex functions such as Human Resources, Finance and Accounting and Information and Communication Technology are unlikely to be directly comparable in cost and efficiency terms and may need to be disaggregated into processes to make valid comparison.
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24. Similarity- be addressed for the success of the application process between the functional similarities and comparable properties must exist.
25. Measurement – benchmarking is a measurementtechnique.How to set performance goals are reached in the field is to learn. therefore, measures must be applied systematically and should be based on adequate sampling.
