2. Benchmarking
Benchmarking is the practice of comparing
business processes and performance
metrics to the industry bests and best
practices from other companies.
3.
4. Internal benchmarking: Internal benchmarking is a
process in which a company or an organisation looks
within its own business to try and determine the best
practice or methodology for conducting a particular
task.
External benchmarking:External Benchmarking is
where an organization compares its performance with
other, comparable organizations
5. Process benchmarking: Process benchmarking shows
an organization how it rates in operational performance
compared to peers and industry leaders, and highlights
the areas that have the greatest potential for near-
term and long-term process improvement.
Performance benchmarking:Performance
benchmarking is the process of measuring and
analyzing an organization's performance of products,
services, operations, and other business processes
against other companies, competitors, or industry
leaders.
6. Strategic benchmarking:Strategic benchmarking is the
process of deciding upon best practices as they relate
to the strategies for reaching organizational goals. The
practice includes a study of elements such as core
competencies, process capability and strategic intent
and alliances.
7. Advantages Of Benchmarking
● Identify and prioritise parts of your business that
could improve.
● Understand your customers' needs better.
● Identify your strengths and weaknesses.
● Set goals and performance expectations.
● Monitor your performance and manage change
more effectively.
8. Disadvantage Of Benchmarking
● Insufficient information
● Decreased results
● Lack of customer satisfaction
● Lack of understanding
● Increased dependency
