Benchmarking Analysis : Benchmarking And Benchmarking Essay

759 WordsFeb 16, 20164 Pages
Benchmarking Most business processes are similar throughout industries. However, their performance varies from one company to another. To analyze these differences and to see how well they are performing compare to other businesses, companies use a technique called benchmarking. Benchmarking has become popular and allows decision makers to continuously improve the quality of their product or service. This paper, besides providing a review of the types of benchmarking, will discuss an area of a familiar organization that could potentially benefit from benchmarking. Benchmarking Overview Benchmarking is considered as the practice of a business comparing key metrics of their operations to other similar companies (Anand & Kodali, 2008). One of the most popular definitions is what (Anand & Kodali, 2008) called “The search for the best industry practices which will lead to exceptional performance through the implementation of these best practices.” In today’s business world, companies use benchmarking as a point of reference. They also use this technique to gauge the performance level or the health of the business. In addition, reports like revenue, expenses, production amounts, and employee productivity can be interpreted and used in any action plan necessary to the best interest of the business. Benchmarking happens across all types of companies, including private, public, non-profit, and for-profit. It is recognized as an indispensable tool for continuous

More about Benchmarking Analysis : Benchmarking And Benchmarking Essay

Open Document