25 Need-To-Know Management Models

Chapter 6

Benchmarking

• Why use it? Benchmarking is about comparing the organisation to the average of the benchmark population. This gives companies insight into their own relative situation and how the organisation performs compared to the average.
• What does it do? Benchmarking can provide comparative data that may prompt management to improve performance. Benchmarking will identify the gap between the best practices and the present performance of the organisation in order to create new standards and/or improve processes.
• When to use it? Benchmarking can be used to improve performance and learn from competitors, enabling an organisation to become better than its competitors or set new standards in the industry.
• What questions will it help ...