Case Study:To expain about Benchmarking and finding a good car for Mr.D.S.Pughazhyendhii by comparing the Cars.

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 comparing those processes to how your business operates, you can implement changes that will yield significant improvements

Benchmarking is all about setting a standard for a product or a service of a company. So, Benchmarking can be applied to any product, process, function, or approach in any business.

Benchmarking is the process of obtaining a standard Measure - the measure of quality, the measure of comfort, or the quality of equipment it purely depends on the Product we want to benchmark.

Benchmarking is the process of improvising the product to the best of the industrial standards which will make a huge impact on the market.

Three primary classification of Benchmaking :

1.Internal Benchmarking

It is used when a company already has established and proven best practices and they smply need to share them.internal benchmarking also may be necessary if comparable industries are not readyly available.

2.Competitive Benchmarking

It is used when a company wnats to evaluate its position , its when a company needs to identfy industry leadership performance targets.

3.Strategic Benchmarking

It is used when identifying and analysng world-class performance.Ths form of benchmarking is used most a company needs to go outside of its industry.

Step-By-Step Benchmarking:

Benchmarking is a simple, but detailed, five-step process:

1.Choose a product, service, or internal department to benchmark.

2.Determine which best-in-class companies you should benchmark against, which organizations you’ll compare your business to.

3.Gather information on their internal performance, or metrics.

4.Compare the data from both organizations to identify gaps in your company’s performance.

5.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

REQUIRMENT: