Benchmarking

Benchmarking

Benchmarking is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies. Dimensions typically measured are quality, time and cost.

Purpose

Benchmarking is a tool for assessing and comparing performance in order to achieve continuous improvement. It is part of a total quality management process, and includes the following key elements:

• Focuses on processes rather than outcomes
• Encourages information sharing
• Implies a willingness to change and a desire to implement best practices.

Importance

Businesses can use benchmarking in their operations to measure themselves against internal or external standards. Benchmarking can be used to measure internal progress, performance against competitors and how your processes rank against world-class organizations.

Conclusions :

After considering all the aspects and comparing the vehicles I would like to conclude it by suggesting TATA NEXON as the suitable which not only fulfills all the above mentioned criteria but also a safest vechicle among all the compared vechicles