In a complex, dynamic, fast-changing environment, companies must strive for superiority in order to survive. Competitive edge cannot be achieved or maintained by setting goals based on past or even present performance. Benchmarking is a management practice that can be used to pursue excellence. It does this by identifying, comparing and emulating best practice wherever it occurs.
Read More: Benchmarking as a Strategic Business Tool
Benchmarking is defined as a continuous systematic process of evaluating companies recognized as industry leaders, to determine business and work processes that represent best practices and establish rational performance goals. It is a search for industry best practices that lead to superior performance.… Read the rest