Benchmarking

What Is Benchmarking?

Benchmarking is a process where you measure your companys 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 companys efficiency and become a bigger player in your industry.

The Benefits of Benchmarking

1. competitive analysis

By identifying areas you wish to improve on in your business and benchmarking your existing performance against competitors, your business can strive to enchance your execution tenfold. Using benchmarking this way has allowed business to gain strategic advantages over competitors and grow industry averages.

2. 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 continous process. Monitoring performance is an inherent characteristic of it.

3. Continous improvement

As well as monitor performance, continous improvement is an essential attribute of benchmarking. This is because the aim of benchmarking is to improve a certain element of a business. This improvemnt should not merely be something that improves once and is forgotten, but something that improves over time and is continuous.

4. 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.

5. Encourage ownership

When companies look at their processes and metrics they need to ask hard questions to get all the answers they need. This includess talking to everyone in the business and understanding their roles. By asking these questions and gaining a better understandind of everyones role, ownershiip for 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.

Benchmarking Process

1. 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.

2. 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.

3.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.

4.Action

presenting findings to a departments 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 a department can involve concessoions so make sure the MvP you present is accepted and will likely equate to the success highlighted in the planning stage.

Affordable SUV cars under 10 lakhs and client requriements

1. As per mr. D.s pughazhendhi requirment, his needs were mentioned below clearly and suggesting him a best suv segment car.

2. Family members: 5 (father,mother,wife and 5 year old son)

3. Native Place: Madurai, 500 kms away from Bangalore

4. Commute: Daily

5. Budget: 8 to 10 Lakhs on road

6. Special preferance : pughazhendhii is Fond of big cars

7. 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 car under car under 10 lakhs.

8. Considering his requirements, i have choosen 4 suv segments car in that i am sugeesting him a best car to meet this requirements. The four car names and their features were listed below.

KIA SONET:

TATA NEXON:

NISON MAGNITE:

RENAULT KIGER:

While choosing a car mainly i focused on following conditions:

1. Safety

2. Engine performance

3. Ease of driving

4. Front and rear seat comfort

5. mileage

conclusion:

After comparing all the compact suvs above,it is safe to say that the Tata Nexon provides better value for money with best in class features among all other compact SUVs. It also includes 5-stars rating in the global NCAP crash tests which is only one in its segment. some of the advantages which help Tata Nexon to stand amongst all other compact SUVs are

1. Handsome design with great attention to detail

2. Feature-loaded interior with a decent amount of space

3. powerful petrol and diesel engine options

4. Fantastic ride quality and a feedback- rich steering