Benchmarking

AIM: DETAILED REPORT ON BENCHMARKING

To prepare a report explaining what is Bench-marking , Compare at least 4 Vehicles and Provide a Preoper conclusion for the report ,suggesting a suitable vehicle among the comparison made.

WHAT IS BENCHMARKING ?

It is the process of comparing one's business process and performance metrics to industries bests and/or best practises 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 competiter or by entirely different industry. this information can then used to identify gaps n an organization' process to achieve a competative adavantage.

Three primary classification of Benchmaking :

Althrough there are many forms of benchmarking, they can classified into three categories-internal, competative and strategic.

INTERNAL BENCHMARKING : 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.

COMPETITIVE BENCHMARKING: is used when a company wnats to evaluate its position wthn its when a company needs to identfy industry leadership performance targets.

STRATEGIC BENCCHMARKING: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 ABOUT BENCHMARKING:

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

• Choose a product , service , or nternal department to benchmark.
• Determine which best -in-class companies you should benchmarking against, which organizations you will comapre your business to.
• Gather information on therir internal performance,or matrics.
• compare the data from both organizations to identify gaps n 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 quantfable normation can be accurately compred.

BENIFITS:

In addition to helping companies become more efficient and profitable ,benchmarking has other benefits, too much as:

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 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.

REQUIREMENTS:

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,

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: