11
Benchmarking
“Benchmarking is a way to go backstage and watch another company’s performance from the wings, where all the stage tricks and hurried realignments are visible”
The Wall Street Journal
Upon completion of this chapter, you will be able to:
- Understand the essence of benchmarking
- Identify the evolution of benchmarking
- Explain the process of benchmarking
- Identify the types of benchmarking
- Understand the advantages and limitations of benchmarking
Inroduction
Benchmarking is a method of improving business performance by learning from others. The essence of benchmarking lies in the continuous process of comparing a company’s strategies, products and processes with those of world leaders and the best-in-class organizations in order ...
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