Benchmarking Is A Competitive Business Strategy

Once the benchmark has been identified, then the company needs to implement the methods and practices and tailor to their own specific

The information gained from such a comparison allows firms to determine how well they perform in comparison with the “best” and, in turn, develop new and better strategies to work towards making improvements or adopting certain best practices. Benchmarking is usually an ongoing process in which companies continuously seek the improvement of their practices. (Debitoor, 2017)

Best Practices Benchmarking is an effective device to increase aggressive understanding and gives "confirm based" perspectives of execution all product and organization lifecycles. All in all, it is the utilization of what is found out in benchmarking that conveys the checked and amazing outcomes so regularly noted. We supplement the traditional metrics-focused approach with an investigation of why and how practices deliver extraordinary outcomes. Numerous industry pioneers and organizations utilize benchmarking tool to recognize the holes in the process to enhance and upgrade execution. We should start with internal benchmarking. In its most straightforward simplest form, inside benchmarking

(CogAT Cognitive Abilities Test; Administered as part of the process to identity students for gifted and talented programs

A continuous process of measuring products, services and/or practices against the competition in order to find and implement the best practices. Benchmarking process measures the organization’s internal processes by identifying, understanding and adapting to outstanding practices from other organizations which are similar and considered having best quality performance.

patients received at least one of twenty-six useless tests and treatments.4 In 2010, the Institute of Medicine issued a report stating that waste accounted for 30% of health-care spending, or some seven hundred and fifty billion dollars a year, which was more than our nation’s entire budget for K-12 education.4 The report found that higher prices, administrative expenses, and fraud accounted for almost half of this waste; however bigger than any of those was the amount spent on unnecessary health-care services.4

As the company is currently in the habit of making changes to its service provision, it is quite clear that the company has accepted that its business model is not infallible and is willing to seek other ideas to innovate. This willingness to change surpasses the preliminary step of the benchmarking process, by admitting that the company may not be the best. The four phases the company must complete to have a successful benchmarking study are: (1) internal preparation, (2) benchmarking performance, (3) implementing improvements in the organization, and (4) maturity or continuous

Nike produces all-inclusive sporting goods, such as clothing, footwear, and sports equipment etc. Nike has always made it its honorable task to inspire every athlete in the world and contribute the best sports products for them.

Benchmarking encompasses evaluation of other company’s business processes and embracing them to improve performance, search for innovative ideas, and gain a competitive advantage. Benchmarking establishes a rational method for setting performance goals, and gaining market leadership and a broader, more accurate organizational management perspective. The process is according on what they best are doing; it take the emotion out of arguments about the need to change. Also, the process contributes vastly to the proper and efficient functioning of organizational and business information needs. Therefore,

Because Nike is able to more efficiently produce its product and reduce costs due to outsourcing, it can more competitively price its products. This enables Nike

Nike has been in the front in innovating products which does not unfavorably disturb the

Competition – The sporting industry is a competitive rapid growing industry with new innovations seeking to be found. There are multiple sporting brands that produce the same line of products as Nike, but provide each with a specialty of their own. As Nike seek to rise to the top of the sporting chain, other competing brands such as Adidas or Puma are looking to do as

As we see in the global market, Nike is one of the high profitable revenue companies. This company spends lot in purchasing the new technologies in the market and uses the most for their business. They build the ultra-infrastructure which is more capable than their actual needs.

As Definition Benchmarking ' is the procedure of looking at one 's business procedures and execution measurements to industry bests and best practices from different organizations. Measurements regularly measured are quality, time and cost. During the time spent on benchmarking, administration distinguishes the best firms in their industry, or in another industry where comparative procedures exist, and thinks about the outcomes and procedures of those contemplated (the "objectives") to one 's own outcomes and procedures. Along these lines, they figure out how well the objectives perform and, all the more essentially, the business forms that clarify why these organizations are effective.

The Nike corporation uses a mix diversity in product to help emphasizes its generic strategy for competitive advantage.Obliiously, this is a prime example of how a business goes about achieving, maintaining, accomplishing, and dominant in competiveness. While the Nike organization does focus on intensive growth strategies it also uses research development and other innovations. In which this would be another good example of what and how they make strives to grow the company for its advancement. It would be fair to say that the Nike Corporation is one of the most top recognized brands in the shoe, apparel, and sports equipment in the market and has remained a forerunner in the United States as well as across the globe.