Benchmarking
BENCHMARKING:
Benchmarking is the competitive edge that allows organizations to adapt, grow, and thrive through change. Benchmarking is the process of measuring key business metrics and practices and comparing them—within business areas or against a competitor, industry peers, or other companies around the world—to understand how and where the organization needs to change in order to improve performance. There are four main types of benchmarking: internal, external, performance, and practice. Benchmarking is defined as the process of measuring products, services, and processes against those of organizations known to be leaders in one or more aspects of their operations. Benchmarking is a tool for assessing and comparing performance in order to achieve continuous improvement. It is part of a total quality management process.
Features of Benchmarking:
- Good impact on customer's needs.
- Helps in raising company standards.
- Betterment in learning methodologies.
- Get inspirations from the pioneers.
- Strengthening the weakness.
- Enhances the learning experience.
- Keeps in pace with new technology.
- Select a subject to benchmark.
- Decide which organizations or companies that we want to benchmark.
- Document our current processes.
- Collect and analyze data.
- Measure your performance against the data you've collected.
- Create a plan.
- Implement the changes.
- Repeat the process.
Uses of Benchmarking:
- Drill down into performance gaps to identify areas for improvement.
- Develop a standardized set of processes and metrics.
- Enable a mindset and culture of continuous improvement.
- Set performance expectations.
Now Here We Consider The Benchmarking 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.
Suggesting Cars:
1.TATA PUNCH:
2.FORD FIGO
3.MARUTHI SWIFT
4.TOYOTA GLANZA
CONCLUSION:
I would Suggest TATA PUNCH for Mr. D.S. Pughazhyendhii family which has all valuable features with effective Price.