Implementation Of Benchmarking And Benchmarking Process

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III. Implementation of Benchmarking Most business analyst and experts caution that there is no one benchmarking process that will work for every company. However, there is a general process that can be utilized by all companies to complete a benchmarking process. A preliminary step that must be completed before any benchmarking process is that a company and its executives must first admit that there may be someone else who actually does the operations or process with which their company is involved in a more efficient or effective manner (Walden, 2009). Any benchmarking process can be boiled down to three general phases: internal preparation, benchmarking performance, and improving the organization. The extent to which these steps must be followed will vary depending on the nature and type of the organization conducting the benchmarking process (Bain & Company, 2015; Stapenhurst, 2009). The internal preparation stage involves four distinct steps to prepare an organization to conduct a benchmark study. The employee conducting the study must first persuade the decision makers in this organizations that the benchmarking process will benefit the organization. The benchmarking project will require the company to allocate significant resources (i.e. create a benchmark study team or hire an external organization) and therefore the individual seeking to conduct the study must show the organization that the benefits the company will receive outweigh the cost. After persuading
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