Web Definition: Benchmarking
Benchmarking is a process used in management & particularly strategic management, in which companies evaluate various aspects of their business processes in relation to best practice, usually within their own industry. This then allows companies to develop plans on how to adopt such best practice. Benchmarking may be a one-off event, but is often treated as a continuous process in which companies continually seek to challenge their practices. A process similar to benchmarking is also used in technical product testing & in land surveying. Identify your problem areas - Because benchmarking can be applied to any business process or function, a range of research techniques may be required. informal conversations with customers, employees, or suppliers; exploratory research techniques such as focus groups ; or indepth marketing research, quantitative research, surveys, questionnaires, reengineering analysis, process mapping, quality control variance reports, or financial ratio analysis.
Benchmarking
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