“Benchmarking is simply about making comparisons with other organizations and then learning the lessons that those comparisons throw up”.(Source : The European Benchmarking Code of Conduct)
“Benchmarking is the continuous process of measuring products, services and practices against the toughest competitors or those companies recognised as industry leaders (best in class)”.(Source : The Xerox Corporation)
There can be innumerable definitions of benchmarking but in broader sense benchmarking means: “One has to improve through learning process and this learning comes from others.” It means that essentially it involves sharing information for learning from other and adoption of best practices for improvement and to bring changes in performance.
The benchmarking process though extensively involves comparisons of performance but one has to keep in mind that it is simply not a competitor analysis, only. One has to be constantly vigilant, alert about the external environment and adopt the changes as per requirement to remain in competition because things are changing very fast in the present times.We can say that benchmarking leads to superior performance through constant search and adoption for industry best practices.
Benchmarking is a very important management tool irrespective of the naturem of industry, management style or ownership. In private sector it is used to gain a competitive edge and in public sector it is used as a powerful tool for improving and delivering modern public services. In private sector the emphasis is to excel in competitive environment and be a front-runner so benchmarking is used as a tool to seek innovation outside the industry paradigm crossing all the boundaries. In public sector, the widespread and
systematic use of benchmarking helps in improving the performance and can assist individual and organizational learning. We can very well see that benchmarking is a tool to be adopted by everyone irrespective of nature of business, type of industry, management control, etc. It is being recognised as a valuable tool for external learning for everyone. In the subsequent subsections we will learn different aspects of benchmarking.
“Benchmarking is the continuous process of measuring products, services and practices against the toughest competitors or those companies recognised as industry leaders (best in class)”.(Source : The Xerox Corporation)
There can be innumerable definitions of benchmarking but in broader sense benchmarking means: “One has to improve through learning process and this learning comes from others.” It means that essentially it involves sharing information for learning from other and adoption of best practices for improvement and to bring changes in performance.
The benchmarking process though extensively involves comparisons of performance but one has to keep in mind that it is simply not a competitor analysis, only. One has to be constantly vigilant, alert about the external environment and adopt the changes as per requirement to remain in competition because things are changing very fast in the present times.We can say that benchmarking leads to superior performance through constant search and adoption for industry best practices.
Benchmarking is a very important management tool irrespective of the naturem of industry, management style or ownership. In private sector it is used to gain a competitive edge and in public sector it is used as a powerful tool for improving and delivering modern public services. In private sector the emphasis is to excel in competitive environment and be a front-runner so benchmarking is used as a tool to seek innovation outside the industry paradigm crossing all the boundaries. In public sector, the widespread and
systematic use of benchmarking helps in improving the performance and can assist individual and organizational learning. We can very well see that benchmarking is a tool to be adopted by everyone irrespective of nature of business, type of industry, management control, etc. It is being recognised as a valuable tool for external learning for everyone. In the subsequent subsections we will learn different aspects of benchmarking.
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