Benchmarking
INDEX:
- BENCHMARKING
- STEP-BY-STEP BENCHMARKING
- BENEFITS
- REQUIREMENT
- SUGGESTIBLE CARS
- Specification
- BENCHMARKING
-
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, “best in class.” The point of benchmarking is to identify internal opportunities for improvement. By studying companies with superior performance, breaking down what makes such superior performance possible, and then comparing those processes to how your business operates, you can implement changes that will yield significant improvements.
That might mean tweaking a product’s features to more closely match a competitor’s offering, or changing the scope of services you offer, or installing a new customer relationship management (CRM) system to enable more personalized communications with customers.
There are two basic kinds of improvement opportunities: continuous and dramatic. Continuous improvement is incremental, involving only small adjustments to reap sizeable advances. Dramatic improvement can only come about through reengineering the whole internal work process.
- STEP-BY-STEP BENCHMARKING
Benchmarking is a simple, but detailed, five-step process:
- •Choose a product, service, or internal department to benchmark.
- •Determine which best-in-class companies you should benchmark against, which organizations you’ll compare your business to.
- •Gather information on their internal performance, or metrics.
- •Compare the data from both organizations to identify gaps in your company’s performance.
- •Adopt the processes and policies in place within the best-in-class performers.
Benchmarking will point out what changes will make the most difference, but it’s up to you to actually put them in place.
In order to benchmark anything, you need to have quantitative data available to study. That means breaking down internal processes to calculate performance metrics. Quantify everything, because only quantifiable information can be accurately compared.
- BENCHMARKING
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, “best in class.” The point of benchmarking is to identify internal opportunities for improvement. By studying companies with superior performance, breaking down what makes such superior performance possible, and then comparing those processes to how your business operates, you can implement changes that will yield significant improvements.
That might mean tweaking a product’s features to more closely match a competitor’s offering, or changing the scope of services you offer, or installing a new customer relationship management (CRM) system to enable more personalized communications with customers.
There are two basic kinds of improvement opportunities: continuous and dramatic. Continuous improvement is incremental, involving only small adjustments to reap sizeable advances. Dramatic improvement can only come about through reengineering the whole internal work process.
- STEP-BY-STEP BENCHMARKING
Benchmarking is a simple, but detailed, five-step process:
- •Choose a product, service, or internal department to benchmark.
- •Determine which best-in-class companies you should benchmark against, which organizations you’ll compare your business to.
- •Gather information on their internal performance, or metrics.
- •Compare the data from both organizations to identify gaps in your company’s performance.
- •Adopt the processes and policies in place within the best-in-class performers.
Benchmarking will point out what changes will make the most difference, but it’s up to you to actually put them in place.
In order to benchmark anything, you need to have quantitative data available to study. That means breaking down internal processes to calculate performance metrics. Quantify everything, because only quantifiable information can be accurately compared.
- BENCHMARKING
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, “best in class.” The point of benchmarking is to identify internal opportunities for improvement. By studying companies with superior performance, breaking down what makes such superior performance possible, and then comparing those processes to how your business operates, you can implement changes that will yield significant improvements.
That might mean tweaking a product’s features to more closely match a competitor’s offering, or changing the scope of services you offer, or installing a new customer relationship management (CRM) system to enable more personalized communications with customers.
There are two basic kinds of improvement opportunities: continuous and dramatic. Continuous improvement is incremental, involving only small adjustments to reap sizeable advances. Dramatic improvement can only come about through reengineering the whole internal work process.
- STEP-BY-STEP BENCHMARKING
Benchmarking is a simple, but detailed, five-step process:
- •Choose a product, service, or internal department to benchmark.
- •Determine which best-in-class companies you should benchmark against, which organizations you’ll compare your business to.
- •Gather information on their internal performance, or metrics.
- •Compare the data from both organizations to identify gaps in your company’s performance.
- •Adopt the processes and policies in place within the best-in-class performers.
Benchmarking will point out what changes will make the most difference, but it’s up to you to actually put them in place.
In order to benchmark anything, you need to have quantitative data available to study. That means breaking down internal processes to calculate performance metrics. Quantify everything, because only quantifiable information can be accurately compared.
- BENEFITS
In addition to helping companies become more efficient and profitable, benchmarking has other benefits, too, such as:
- •Improving employee understanding of cost structures and internal processes
- •Encouraging team-building and cooperation in the interests of becoming more competitive
- •Enhancing familiarity with key performance metrics and opportunities for improvement company-wide
In essence, benchmarking helps employees understand how one small piece of a company’s processes or products can be the key to major success, just as one employee’s contributions can lead to a big win.
- REQUIREMENT
Benchmark with presently available cars in the market for the following case.
Mr. D.S. Pughazhyendhii is a married man who lives in Bangalore which is a highly crowded city. His Family comprises five members including his wife, five-year-old boy, his father, and his mother. He visits his native place Madurai which is 500kms away from Bangalore once in a month. Also, he will be using his car to commute to his office. His budget falls between 8 to 10 lakhs on road. Please suggest to him with options so that he will buy a good car for his family.
Note: Pughazhyendhii is fond of big cars
In my view,
I would suggest Diesel Engine Vehicle, SUVs and Sedans is preferrable.
SUGGESTIBLE CARS
- Kia Carens
- Hyundai Creta
- Mahindra Scorpio -N
- TATA Nexon
- Specifications of Kia Carens
ARAI Mileage 18.4 kmpl Fuel Type Diesel Engine Displacement (cc) 1493 No. of cylinder 4 Max Power (bhp@rpm) 113.42bhp@4000rpm Max Torque (nm@rpm) 250nm@1500-2750rpm Seating Capacity 7 TransmissionType Automatic Fuel Tank Capacity 45.0 Things We Like
- Looks unique, in a good way.
- Good presence with generous exterior dimensions
- Lots of practical elements integrated into the cabin
- Available in 6- and 7-seater configurations
- Turbo-petrol and diesel engine options
- Automatic transmission option with both engines
Things We Don't Like
- Missing some premium features
- Looks more like an MPV, than an SUV
- 16-inch wheels look small on the overall large side profile
Specification of Hyundai Creta
ARAI Mileage 18.5 kmpl Fuel Type Diesel Engine Displacement (cc) 1493 No. of cylinder 4 Max Power (bhp@rpm) 113.45bhp@4000rpm Max Torque (nm@rpm) 250nm@1500-2750rpm Seating Capacity 5 TransmissionType Automatic Fuel Tank Capacity 50.0 Things We Like
- One of the most feature-loaded compact SUVs, even in entry-level variants.
- Multiple engine and transmission combos.
- Offers an expansive suite of connected features.
- Improved rear seat experience thanks to reclining backrest, window sunblinds and panoramic sunroof
- Comfortable and quiet cabin
Things We Don't Like
- Automatic transmission limited to the top two variants.
- Feature misses like 360-degree camera & front parking sensors.
- Looks may not be to everyone's liking
Specification of Mahindra Scorpio-N
Fuel Type Diesel Engine Displacement (cc) 2198 No. of cylinder 4 Max Power (bhp@rpm) 172.45bhp@3500rpm Max Torque (nm@rpm) 370Nm@1500-3000rpm Seating Capacity 7 TransmissionType Manual Fuel Tank Capacity 57.0 Body Type SUV Things We Like
- Powerful Engines
- Good ride and handling
- Comfortable seats
- Easy to drive despite the size
Things We Don't Like
- Boot smaller than expected
- Interior fit and finish
- Cramped third row
Specification of Tata Nexon
ARAI Mileage 22.07 kmpl City Mileage 18.5 kmpl Fuel Type Diesel Engine Displacement (cc) 1497 No. of cylinder 4 Max Power (bhp@rpm) 108.49bhp@4000rpm Max Torque (nm@rpm) 260nm@1500-2750rpm Seating Capacity 5 TransmissionType Automatic Boot Space (Litres) 350 Fuel Tank Capacity 44.0 Things We Like
- Spacious cabin with comfortable rear seats
- Comfortable ride quality
- Looks attractive and modern
- 5-star NCAP safety rating
Things We Don't Like
- Engine refinement is lacking
- Infotainment system feels dated