Benchmarking

Aim :- Detailed Report on Bench-Marking

1. What is Bench-Marking ?

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.

Also it can be defined as the way of discoveing what is the best performance being achieved-whether in a particular company ,by a competiter or by entirely different industry. This information can then used to identify gaps in an organization process to achieve a competative adavantage.

The Benefits og Bench-Marking :-

• Competative 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 average.

• 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 certain commodity in the 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 employee will take pride in their job and the work they do. This pride leads to better performance and higher-quality end results.

• Understand Your Companies Advantages :- Benchmarking identifies where your company is right now compared to where you want it to go. If you are looking at improving any process in your business, benchmarking is a way of looking at how you can excel and become more successful through outlining the steps needed to achieve your goal.

2. Benchmark Process :-

• Planning :- The first stage of benchmarking is the most important in the process. Planning includes highlighting what you want to improve, who you will benchmark yourself against, and how you envisage success. Only once this step has been completed will you be able to move onto the next step as the results of planning will focus on the information you need to collect and what success will look like.

• Collection of Information :- After planning, benchmarking is about collecting information on your processes and how competitors do them. If you are looking to improve your customer service satisfaction rating you should understand the processes involved in the department, how calls and communication are dealt with, and also how it differs from your competition. Maybe you can talk to someone in another call center, or call the center directly to gain first-hand knowledge of their processes. At this point, it is important to gather as much information as possible.

• Analysis of Data :- Once you feel you have all the information you can gather, you can start to plot it and begin to understand the shortcomings you may have. It is important to remember at this point in the process that no business is perfect and you must have an open mind to be able to analyze information objectively. Once findings start to be uncovered you can draft a report and start discussing the next steps to achieve better performance in this area.

• Action :- Presenting findings to a department is never an easy thing, especially when you are proposing changes. Gathering and analyzing information is only worthwhile when you can implement changes and better the company in the process.Gaining buy-in from the department can make concessions so make sure the MVP you present is accepted and will likely equate to the success highlighted in the planning stage.

• Monitoring :- No plan is ever complete without monitoring results to determine how successful the plan has been. The implementation phase will have highlighted metrics and goals for success within a time frame so monitoring these is the only way of knowing the efficiency of the change . Monitoring can be over a short or long period of time depending on the desired outcomes

3. Benchmarking Examples :-

a) Process Benchmarking:- This type of benchmarking helps you to better understand how your processes compare to others in your industry. By looking at other companies in the industry you can improve your processes to make them more efficient and cost-effective.

b) Strategic Benchmarking:- Strategic benchmarking, similar to process benchmarking, is all about improving part of your own company by looking other in the industry. Strategic benchmarking relates to strategy and how to create a strategy that will allow you to be more competitive in your area.

c) Performance Benchmarking:- Performance benchmarking is the hardest process to improve as it involves learning about competitor performance metrices and processes, and also making changes to processes within your business on the lower levels. Introducing new processes is a challenging action in any business as it requires buy-in from many different levels in the company. Performance benchmarking can uncover findings that might not be possible to implement in the business without creating a long-term change plan. These can be also the most effective and successful changes for a company.

CASE STUDY :-

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, a five-year-old boy, his father, and his mother. He visits his native place Madurai which is 500kms away from Bangalore once 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 options so that he will buy a good car for his family.

Note: Pughazhyendhii is fond of big cars.

As per my consideration

Mr . D.S. Pughazhyendhii's family requires what Safe Car yet the value which offers an Equilibrium strike of Mileage, Maintenance with Good space, Features and a Social Status too of not to be owning a car which is of entry segment but one which offers Value. With Transformation happening in Mindsets - Safety along with Good Interiors, Features are also making an important buying aspect.

Mr . D.S. Pughazhyendhii's major requirements in a car:

• 5-7 seats for his family members.
• Budget: Rs. 8-10 Lakhs/-, on road price
• Good Mileage
• Good car for easy commuting within city and long drive as well.
• He is also fond of big cars.
• 5-7 seats for his family members.

Suggestions For Automobile :-

• TATA NEXON
• HYUNDAI VENUE
• MURUTHI SUZUKI VITARA BREZZA
• KIA SONET
• MAHINDRA XUV300
• MARUTHI SWIFT DZIRE
• NISSAN MAGNITE

MODEL SPECIFICATION :-

1. TATA NEXON

PRICE: STARTS AT 7.8 LAKHS

KEY SPECIFICATION OF TATA NEXON :-

2. HYUNDAI VENUE

PRICE : STARTS AT 7.68 LAKHS

KEY SPECIFICATION OF HYUNDAI VENUE

City Mileage	16.0 kmpl
Fuel Type	Petrol
Engine Displacement (cc)	998
No. of cylinder	3
Max Power (bhp@rpm)	118.41bhp@6000rpm
Max Torque (nm@rpm)	172Nm@1500-4000rpm
Seating Capacity	5
TransmissionType	Automatic
Fuel Tank Capacity	45.0
Body Type	SUV
Service Cost (Avg. of 5 years)	Rs.3,619

FEATURES :-

Power Steering

Power Windows Front

Anti Lock Braking System

Air Conditioner

Driver Airbag

Passenger Airbag

Automatic Climate Control

Alloy Wheels

Multi-function Steering Wheel

3. KIA SONET

PRICE : STARTS AT 7.69 LAKHS

KEY SPECIFICATION OF KIA SONET

Fuel Type	Diesel
Engine Displacement (cc)	1493
No. of cylinder	4
Max Power (bhp@rpm)	113.43bhp@4000rpm
Max Torque (nm@rpm)	250nm@1500-2750rpm
Seating Capacity	5
TransmissionType	Automatic
Boot Space (Litres)	392
Fuel Tank Capacity	45.0
Body Type	SUV
Service Cost (Avg. of 5 years)	Rs.4,010

FEATURES :-

Power Steering

Power Windows Front

Anti Lock Braking System

Air Conditioner

Driver Airbag

Passenger Airbag

Automatic Climate Control

Fog Lights - Front

Alloy Wheels

4. MAHINDRA XUV 300

PRICE : STARTS AT 8.61 LAKHS

KEY FEATURES OF MAHINDRA XUV 300

ARAI Mileage	19.7 kmpl
City Mileage	20.0 kmpl
Fuel Type	Diesel
Engine Displacement (cc)	1497
No. of cylinder	4
Max Power (bhp@rpm)	115.05bhp@3750rpm
Max Torque (nm@rpm)	300Nm@1500-2500rpm
Seating Capacity	5
TransmissionType	Automatic
Fuel Tank Capacity	42.0
Body Type	SUV

FEATURES :-

Power Steering

Power Windows Front

Anti Lock Braking System

Air Conditioner

Driver Airbag

Passenger Airbag

Fog Lights - Front

Alloy Wheels

Multi-function Steering Wheel

5. NISSAN MAGNITE

PRICE : STARTS AT 6.10 LAKHS

KEY FEATURES OF NISSAN MAGNITE

ARAI Mileage	20.0 kmpl
Fuel Type	Petrol
Engine Displacement (cc)	999
No. of cylinder	3
Max Power (bhp@rpm)	98.63bhp@5000rpm
Max Torque (nm@rpm)	152nm@2200-4400rpm
Seating Capacity	5
TransmissionType	Automatic
Ground Clearance	205
Body Type	SUV
Fuel Tank Capacity	40
Boot Space (Litres)	336

FEATURES :-

Power Steering

Power Windows Front

Anti Lock Braking System

Air Conditioner

Driver Airbag

Passenger Airbag

Automatic Climate Control

Fog Lights - Front

Alloy Wheels

SO AS PER THE DATA AND ACCORDING TO EASE OF MR D.S. PUGHAZHYENDHII HE IS FOND OF BIG CAR AND WITH GOOD EXTERIOR LOOK AND INTERIOR AND ALONG WITH BETTER PERFORMANCE IN ENGINE AND FUEL CONSUMPTION, I WOULD RECOMMEND KIA SONET AND MAHINDRA XUV 300.

SOO LETS COMAPRE KIA SONET AND MAHINDRA XUV 300 :-