Briefly explain the benchmarking process
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Benchmarking is a way of discovering what is the best performance being achieved – whether in a particular company, by a competitor or by an entirely different industry. This information can then be used to identify gaps in an organization's processes in order to achieve a competitive advantage.
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Before more recent technology was invented, surveyors would chisel a horizontal mark in a permanent structure, where a tool could be placed in the indention to help create a benchmark with a level rod, helping them and future craftsmen to have a point of reference for building.
In the business world, companies use benchmarking as a point of reference as well. But instead of having physical benchmarks carved in stone, they use benchmark reports as a way to compare themselves to others in the industry. Benchmarking is the practice of a business comparing key metrics of their operations to other similar companies.
In the business world, companies use benchmarking as a point of reference as well. But instead of having physical benchmarks carved in stone, they use benchmark reports as a way to compare themselves to others in the industry. Benchmarking is the practice of a business comparing key metrics of their operations to other similar companies.
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