BENCHMARKING

Benchmarking is a process where you measure your company’s success against other similar companies to discover if there is a gap in performance that can be closed by improving your performance. Studying other companies can highlight what it takes to enhance your company’s efficiency and become a bigger player in your industry.

Benefits of Benchmarking

Competetive analysis

By identifying areas you wish to improve on in your business and benchmarking your existing performance against competitors, your business can strive to enhance your execution tenfold. Using benchmarking this way has allowed businesses to gain strategic advantages over competitors and grow industry averages.

Monitor performance

Benchmarking involves looking at current trends in data and projecting future trends depending on what you aim to achieve. In order to know you have been successful, benchmarking needs to be a continuous process. Monitoring performance is an inherent characteristic of it.

Continuous Improvement

As well as monitor performance, continuous improvement is an essential attribute of benchmarking. This is because the aim of benchmarking is to improve a certain element of a business. This improvement should not merely be something that improves once and is forgotten, but something that improves over time and is continuous.

Planning and Goal Setting

Once benchmarking has been carried out, goals and performance metrics are set in order to improve performance. These goals are new, more competitive targets for a company but they must be achievable. If goals are unrealistic to achieve teams become demotivated and goals are destined to remain unfulfilled.

Encourage Ownership

When companies look at their processes and metrics they need to ask hard questions to get all the answers they need. This includes talking to everyone in the business and understanding their roles. By asking these questions and gaining a better understanding of everyone’s role, ownership for processes and performance is encouraged. This means that employees will take pride in their job and the work they do. This pride leads to better performance and higher-quality end results.

TYPES OF BENCHMARKING

Technical Benchmarking

Technical benchmarking is performed by design staff to determine the capabilities of products or services, especially in comparison to the products or services of leading competitors. For example, on a scale of one to four, four being best, how do designers rank the properties of your organization’s products or services? If you cannot obtain hard data, the design efforts may be insufficient, and products or services may be inadequate to be competitive.

Competitive Benchmarking

Competitive benchmarking compares how well (or poorly) an organization is doing with respect to the leading competition, especially with respect to critically important attributes, functions, or values associated with the organization’s products or services. For example, on a scale of one to four, four being best, how do customers rank your organization’s products or services compared to those of the leading competition? If you cannot obtain hard data, marketing efforts may be misdirected and design efforts misguided.

Renault Kiger RXT (O) Turbo CVT Dual Tone----->Rs--9.5 lakh

HYUNDAI AURA SX PLUS 1.2 AMT CRDI ----->Rs-9.5 lakh

HONDA JAZZ VX CVT---->Rs-9.79 lakh

NISSAN MAGNITE XV TURBO CVT BLUE EDITION----> RS --10 LAKH

CONCLUSION

*After carefully benchmarking above four cars I would suggest Renault Kiger RXT (O) Turbo CVT Dual Tone as the best fit for Mr. Pughazhyendhii.

*It has best best safety as it has 4 airbags

*It is spacious and large vehicle as intended by pughayendhii.

*Cost is less compared to other vehicles but gives better features than other vehicles.

*Engine capacity and mileage is also good when compared to other cars.

*Length of car is less when compared to others but it doesnot affect inner space of car

*Weight of car is also less when compared to others

*So Renault Kiger RXT (O) Turbo CVT Dual Tone IS THE BEST CHOICE.