Explain what is meant by 'benchmarking'.
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Explain what is meant by 'benchmarking'.
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Benchmarking is a process used in management particularly in strategic management where organizations evaluate various aspects of their processes in relation to best practice companies processes usually within their own sector This allows organizations to develop plans on how to make improvements or adapt specific best practices with the aim of increasing some aspect of performance In other words benchmarking is the practice of comparing the measures of performance such as cost cycle time productivity or quality of a specific process or method against those of another that is widely considered to be an industry standard or best practice The result of this comparison can then be used to identify gaps in an organizations processes in order to achieve a competitive advantage For example a software development company might benchmark its coding and debugging processes against the industryleading practices to determine if they are behind on par or ahead of the standards Based on the results the company might then adopt changes in their development processes to improve efficiency and product quality In summary benchmarking involves looking outward outside a particular business organization ...View the full answer
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Related Book For
Financial And Management Accounting An Introduction
ISBN: 9780273789215
6th Edition
Authors: Prof Pauline Weetman
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