Tell me about Benchmarking

Marc

Captain Nice
Staff member
Admin
#2
A measurement of the quality of an organization's policies, products, programs, strategies, etc., and their comparison with standard measurements, or similar measurements of similar companies and/or organizations.

The objectives of benchmarking are:
a. to determine what and where improvements are called for,
b. to analyze how other similar organizations achieve their high performance levels, and
c. to use the information to improve performance
 
#3
Competetive analysis - benchmarking your company against your competition.

This is the exciting homework assignment I was just given because I ask too many questions :)

Do any of you have an example of a good format for approaching this in? I'll be continuing my search, but I thought if I revived this thread I might get lucky.

Thanks all - Norman
 
#4
Benchmarking isn't necessarily a competitive analysis! Indeed, it's often futile to do that since one of the reasons to conduct benchmarking is to leverage other industries' ways of doing things.

It's a study of a business which has been shown to have "best in class" (for example) order processing. So, let's say McDonalds is a benchmark for that. They take and order and fulfill it in about 4 minutes. You don't have to be in the fast food industry to use that as a benchmark if you feel it would be of use to make your order taking faster!
 


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