BEST PRACTICE IN BUSINESS BENCHMARKING & COMPETITIVE ADVANTAGE

Rationale

Benchmarking offers the opportunity to compare an organization’s performance against industry competitors, noting strengths, weaknesses, and different ways of executing projects.

Benchmarking methodological uniqueness is represented by the identification of those processes that lead to superior performance, followed by the analysis of the best practices behind that success. As successful businesses constantly focus on improving the quality of their processes, products, and services, benchmarking comes as one of the best approaches to achieving innovative ideas and superior procedures within the organization, through finding and implementing best practices.

To ensure a successful benchmarking study, professionals should not only become familiar with how to drive a good selection of the variables to be measured but also how to determine the comparison compatibility of the measured processes and allocate the resources accordingly.