BENCHMARKING - BENECHMARKING -DEFINITION...

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BENECHMARKING - DEFINITION “The continuous process of measuring  products, services, and practices  against the company’s toughest  competitors or those renowned as  industry leaders 
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Benchmarking is the practice of being humble enough to admit that someone else is better at something and wise enough to try and learn how to match and even surpass them at it.” - APQC, 1998 BENCHMARKING THOUGHTS
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BENCHMARKING In sharp contrast to the conventional  approach of setting the future goals  extrapolated from the internal practices  and past trends. Since external environment and market  conditions change rapidly; goal setting  which is internally focused can’t be true  reflection of customer’s expectations.
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BENCHMARKING Customers’ expectations are highly  liquid and are driven by standards set  by best performer.  Any product or service just below these  standards may not catch the eyes of  customer.
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Why   use Benchmarking Survival lies in emulating best and not in  lagging behind Bench marking is time and cost efficient  because it involves imitation and  adaptation rather than pure invention.  Prevents the “Re-inventing the wheel”. Quantum-leaps in performance
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Why   use Benchmarking An effective ‘wake-up call’ and helps to make a  strong case for change Practical ways in which step changes in performance  can be achieved by learning from others who have  already undertaken comparable changes The impetus for seeking new ways of doing things  and promotes a culture that is receptive to fresh 
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BENCHMARKING - BENECHMARKING -DEFINITION...

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