Question

difference between bench marking and bench trending?

Answer 1

Answer:

Benchmarking is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies. Dimensions typically measured are quality, time and cost.

Benchmarking is used to measure performance using a specific indicator (cost per unit of measure, productivity per unit of measure, cycle time of x per unit of measure or defects per unit of measure) resulting in a metric of performance that is then compared to others

Benchtrending is the The latest approach to benchmarking. It involves - Continuous monitoring of specific process performance with a select group of benchmarking partners.

Organisation continuously monitor the developments in the political, economic, social and technological fronts and identify future gaps that may be created by significant market changes, customer preferences, innovation threats and other environmental variables critical to long term success of the firm. Such trend studies are known as Bench Trending

Answer 2

Benchmarking is a method to compare the business performance with the standard performance metrics. Bench trending is a continuous tracking of certain performance metrics with specific performance

Explanation:

Benchmarking

• Benchmarking is the process of evaluating the business performance with the standard business metrics of the industry.
• These business process that are measured for their performance include productivity, cycle time, cost and quality.    

Bench trending

• Bench trending is used for monitoring the performance and operations for bringing improvements and setting a direction
• These are methods which are used for  bridging the gaps and improving performance levels though various new technological methods

To know more about benchmarking

What is a benchmark? What are the different types of benchmarks?

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