MANAGEMENT

Detailed explanation-1: -Benchmarking is a process of measuring the performance of a company’s products, services, or processes against those of another business considered to be the best in the industry, aka “best in class.” The point of benchmarking is to identify internal opportunities for improvement.

Detailed explanation-2: -Benchmarking Definitions Xerox definition-The continuous process of measuring our products, services, and practices against our toughest competitors or those companies known as leaders.

Detailed explanation-3: -Benchmarking is the continuous process of comparing one’s business processes and performance metrics to industry bests and/or best practices from other industries. Dimensions typically measured are quality, time, and cost. Improvements from learning mean doing things better, faster, and cheaper.

Detailed explanation-4: -Competitive benchmarking This type of benchmarking is a comparison of products, services, processes, and methods of your direct competitors. This type gives you insight into your position within your industry and what you may need to do to increase productivity.

Detailed explanation-5: -Process benchmarking shows an organization how it rates in operational performance compared to peers and industry leaders, and highlights the areas that have the greatest potential for near-term and long-term process improvement.