Benchmarking

BENCHMARKING

• Benchmarking is a process of measuring the performance of a compititors products, services, or processes against those of another business considered to be the best in the industry.

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 then comparing those processes to how your business operates, you can implement changes that will yield significant improvements. That might mean tweaking a product's features to more closely match a competitor's offering, or changing the scope of services you offer, or installing a new customer relationship management (CRM) system to enable more personalized communications with customers.

Step-by-Step Benchmarking:

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

• Choose a product, service, or internal department to benchmark
• Determine which best-in-class companies you should benchmark against - which organizations you'll compare your business to
• Gather information on their internal performance, or metrics
• Compare the data from both organizations to identify gaps in your company's performance
• 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.

Key Benifits: 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 In essence, benchmarking helps employees understand how one small piece of a company's processes or products can be the key to major success, just as one employee's contributions can lead to a big win.

Affordable SUV Cars Under 10 Lakhs: As per Mr. D.S. Pughazhendhii requirement, his needs were mentioned below clearly & suggesting him a best SUV segment Car.

Clients Requirements: Family members: 5 (Father, Mother, Wife and 5 year old son) Native Place: Madurai, 500 kms away from Bangalore Commute: Daily Budget: 8 to 10 Lakhs on road Special Preference: Pughazhendhii is fond of big cars Monthly Distanced Travelled by Pughazhendhii: 2500 km Approximate From the requirements we clearly come to know that, he needs 5 seater car, which he can go for long drives as well as daily rides with good comfortness and he needs SUV segments cars under 10 lakhs.

Considering his requirements, I have choosen 4 SUV segment cars in that I'm sugeesting him a best car to meet his requirements. The four cars names and their features were listed below.

Tata nexon XE (DIESEL)

kia sonet hte diesel

ford ecosport ambiente diesel

mahindra xuv300 w4 diesel

CONCLUSION:

He have compared 4 cars on basis of different parameters and found tata nexon xe as the best choice .