Briefly explain the various stages in the process of benchmarking
Answers
Answer:
(1) Planning
Prior to engaging in benchmarking, it is imperative that corporate stakeholders identify the activities that need to be benchmarked.For instance, the processes that merit such consideration would generally be core activities that have the potential to give the business in question a competitive edge.
(2) Collection of Information
Information can be broadly classified under the sub texts of primary data and secondary data.To clarify further, here, primary data refers to collection of data directly from the benchmarked company/companies itself, while secondary data refers to information garnered from the press, publications or websites.
(3) Analysis of Data
Once sufficient data is collected, the proper analysis of such information is of foremost importance.Data analysis, data presentation (preferably in graphical format, for easy reference), results projection, classifying the performance gaps in processes, and identifying the root cause that leads to the creation of such gaps (commonly referred to as enablers), need to be then carried out.
(4) Implementation
This is the stage in the benchmarking process where it becomes mandatory to walk the talk. This generally means that far-reaching changes need to be made, so that the performance gap between the ideal and the actual is narrowed and eliminated wherever possible.A formal action plan that promotes change should ideally be formulated keeping the organization's culture in mind, so that the resistance that usually accompanies change is minimized.
(5) Monitoring
As with most projects, in order to reap the maximum benefits of the benchmarking process, a systematic evaluation should be carried out on a regular basis.
Assimilating the required information, evaluating the progress made, re-iterating the impact of the changes and making any necessary adjustments, are all part of the monitoring process.
Explanation:
Answer:
(1) Planning
Prior to engaging in benchmarking, it is imperative that corporate stakeholders identify the activities that need to be benchmarked.For instance, the processes that merit such consideration would generally be core activities that have the potential to give the business in question a competitive edge.
(2) Collection of Information
Information can be broadly classified under the sub texts of primary data and secondary data.To clarify further, here, primary data refers to collection of data directly from the benchmarked company/companies itself, while secondary data refers to information garnered from the press, publications or websites.
(3) Analysis of Data
Once sufficient data is collected, the proper analysis of such information is of foremost importance.Data analysis, data presentation (preferably in graphical format, for easy reference), results projection, classifying the performance gaps in processes, and identifying the root cause that leads to the creation of such gaps (commonly referred to as enablers), need to be then carried out.
(4) Implementation
This is the stage in the benchmarking process where it becomes mandatory to walk the talk. This generally means that far-reaching changes need to be made, so that the performance gap between the ideal and the actual is narrowed and eliminated wherever possible.A formal action plan that promotes change should ideally be formulated keeping the organization's culture in mind, so that the resistance that usually accompanies change is minimized.
(5) Monitoring
As with most projects, in order to reap the maximum benefits of the benchmarking process, a systematic evaluation should be carried out on a regular basis.
Assimilating the required information, evaluating the progress made, re-iterating the impact of the changes and making any necessary adjustments, are all part of the monitoring process.
Explanation: