Benchmarking
In this report by Sahil Parab, we will look What is Benchmarking and how and why it is used by industries. We will also see an example to understand this practice.
WHAT IS BENCHMARKING ?
It is the process of comparing one's business process and performance metrics to industry's best practices from other industries. Process benchmarking includes studying process flows, operating system, process technologies and the operation of target firms and departments.
Also it can be defined as the way of discoveing what is the best performance being acived-whether in a particular company ,by a competitor or by entirely different industry. This information can then used to identify gaps in an organization' process to achieve a competative adavantage.
Three primary classification of Benchmaking :
Althrough there are many forms of benchmarking, they can be classified into three categories- Internal, Competative and Strategic.
INTERNAL BENCHMARKING :Is used when a company already has established and proven best practices and they simply need to share them. Internal benchmarking also may be necessary if comparable industries are not readily available.
COMPETITIVE BENCHMARKING: is used when a company wants to evaluate its position within its domain. When a company needs to identfy industry leadership performance targets.
STRATEGIC BENCHMARKING:is used when identifying and analysng world-class performances. This form of benchmarking is used mostly when a company needs to go outside of its industry.
STEP-BY-STEP ABOUT BENCHMARKING:
Benchmarking is a simple,but detailed, 5-step process.
- Choose a product , service , or internal department to benchmark.
- Determine which best -in-class companies you should benchmark against, which organizations you will compare your business' to.
- Gather information on their internal performance,or matrics.
- compare the data from both organizations to identify gaps in your company's performance.
- adpot the processes and policies in place within the best-in-class performers.
In order to benchmarking 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 compaared.
BENIFITS:
In addition to helping companies become more efficient and profitable ,benchmarking has other benefits
- 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
Along with monitoring performance, continuous improvement is an essential attribute of benchmarking. This is because the aim of benchmarking is to improve certain elements 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 of 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.
Coming to the Question constraints.
Yendhis married and have a kid. He also Stays and sometimes commute with his mom and dad. So 5 members. So we have to focus on cars with good space and safety as the 5y boy will grow soon and would require a good enough space for him as well.
Looking at the main part Yendhi take his car to office(Bangalore) and once a month on a 500kms travel. So it has to give good fuel response and space.
so we have
Budget: 8-10Lakhs
5-7 seater as Yendhi might have a second child xD.
Safety.
Big car. Probably an SUV.
The 5 top Suvs under 10Lakhs would be .
Tata Nexon , Hyundai Venue , Maruthi Suzuki Brezza , Mahindra XUV 300 , Kia Sonet.
Most important factor is Yendhi has to personally drive these cars and see which car is giving him comfortable and satisfactory driving experience.
TATA NEXON
| Price | ₹ 7.69 Lakh onwards |
|---|---|
| Mileage | 16.3 to 22 kmpl |
| Engine | 1199 to 1497 cc |
| Safety | 5 Star (Global NCAP) |
| Fuel Type | Petrol & Diesel |
| Transmission | Manual & Automatic (AMT) |
| Seating Capacity | 5 Seater |
Key features: The Tata Nexon gets a neat and uncluttered dashboard layout. The compact SUV gets a new steering wheel featuring a smaller horn pad with premium looking multimedia and cruise control buttons. Behind the steering wheel is a fully digital instrument cluster along with an updated seven-inch touchscreen infotainment system.
HYUNDAI VENUE
| Price | ₹ 7.62 Lakh onwards |
|---|---|
| Mileage | 17.5 to 23.4 kmpl |
| Engine | 998 to 1493 cc |
| Fuel Type | Petrol & Diesel |
| Transmission |
Manual, Clutchless Manual (IMT) & Automatic (DCT)
|
| Seating Capacity | 5 Seater |
Key Features:
- air purifier
- a digital instrument cluster
- a four-spoke steering wheel
- reclining rear seats
- an electrically-adjustable driver seat
MAHINDRA XUV 300
| Price | ₹ 8.41 Lakh onwards |
|---|---|
| Mileage | 20 kmpl |
| Engine | 1197 to 1497 cc |
| Safety | 5 Star (Global NCAP) |
| Fuel Type | Petrol & Diesel |
| Transmission | Manual & Automatic (AMT) |
| Seating Capacity | 5 Seater |
Key Features :
- Hill Hold Control
- 7 Airbags
- 8 Way Adjustable Front Seats
- Automatic Dual Zone AC
- Electrically Adjustable Sunroof
- Cruise Control
- Automatic Head Lamps (Halogen Projector)
- LED DRLs (Daytime Running Lights)
- Rain Sensing Wipers
- Tyre Pressure Monitoring System (TPMS)
- Reverse Camera
- Electronic Stability Program (ESP)
- Leather Wrapped Steering Wheel & Gear Knob
- Telematics Functions
- Voice Command
- Cooled Glove Box
- Rear Wiper & Defogger
KIA SONET
| Price | ₹ 7.69 Lakh onwards |
|---|---|
| Mileage | 18.2 to 24.1 kmpl |
| Engine | 998 to 1493 cc |
| Fuel Type | Petrol & Diesel |
| Transmission |
Manual, Clutchless Manual (IMT), Automatic (DCT) & Automatic (TC)
|
| Seating Capacity | 5 Seater |
Key Features:The updated Sonet gets side airbags and a tyre pressure monitoring system as standard across the range. A new 4.2-inch instrument cluster, BA, HAC, ESC, and VSM. Apart from this, it gets a BOSE premium seven-speaker system, ventilated driver and passenger seats, smart pure air purifier, rear-door sunshade curtain
MARUTI BREZZA
| Price | ₹ 7.99 Lakh onwards |
|---|---|
| Mileage | 19.8 to 19.9 kmpl |
| Engine | 1462 cc |
| Fuel Type | Petrol |
| Transmission | Manual & Automatic (TC) |
| Seating Capacity | 5 Seater |
FEATURES:
- electric sunroof
- paddle shifters
- Head-Up Display (HUD)
- Suzuki Connect telematics
- a new nine-inch freestanding touchscreen infotainment system
- a new flat-bottom steering wheel
- six airbags
- ESP.
Looking at all the features and exteriors and after sale valuations , I would personally suggest Yendhi to go for the Mahindra XUV 300. A car with all equipt features and importantly safety. iTS Asthetics , maintenance charges , fuel economy and after sale price is good and this car is real value for money.
Xuv 300 also will give good results on 500kms cruize control run as well as in city. With good space for passengers it will a good drive for the family. The boot space is a issue but can be managed with other aspects taking into consideration.
Lastly Yendhi has to drive and see which one is the best for him and his family. Personal suggestion will be XUV 300.