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It is often said that benchmarking is the backbone of the process of identifying, studying, and...

It is often said that benchmarking is the backbone of the process of identifying, studying, and implementing best practices. Explain the role of benchmarking and provide an example.

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Explain the role of benchmarking and provide an example

  • Through benchmarking a company measures its products or services against its toughest competitors
  • benchmarking measures internal processes against an external standard
  • It focuses on company-to-company comparisons
  • benchmarking's goal is to identify the weaknesses within an organization and improves them
  • benchmarking helps managers in finding the variations and abnormalities within an organisation
  • There are two types of benchmarking-
    • Metric benchmarking
    • Infrastructure benchmarking

Example of benchmarking

  • When a Bus Transport Service provider hires a consultant to benchmark customer service metrics such as customer satisfaction against key competitors
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