Benchmarking

BENCHMARKING

• It can be defined as the way of discovering what is the best performance being achieved, whether in a particular company, by a competitor or entirely different industry. This collected data or information can be used as the material to study and analysis and used for the organization process to achieve advantage of a company

Classification of Benchmarking

• Internal
• Competitive
• Strategic

Internal Benchmarking

• It is used if the company is already a established company and the company want to simply share their information for the educational purposes for the soceity

Competitive Benchmarking

• This benchmarking is used when a company wants to evaluate the position in the industry and to identify industry leadership performance targets.

Strategic Benchmarking

• This benchmarking is used for identifying and analysis world class performance of a company