Benchmarking - Essay Example

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The writer of the essay "Benchmarking" aims to analyze types of benchmarking and its importance. Benchmarking involves the process of studying the general industry and the competitive practices. It is used as a way of gauging a company’s success and pinpointing the company’s shortcomings…
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Download file to see previous pages Performance benchmarking provides a way in which organizations compare its performances with set performance metrics. Performance benchmarking takes the form of reviewing the company’s income statements and balance sheet to ensure they are made in accordance with the required standards. The performance gaps identified can be prioritized, corrected and follow-up can be made to ensure improvement in performance. Strategic benchmarking ideally is the comparison of companies to the long-term goals and objectives. It additionally involves identifying the winning strategies employed by top organizations and adopting them to the organizational strategies. Strategic benchmarking is majorly utilized by the top level management. Importance of benchmarking There are several key advantages of benchmarking. One major advantage is that it leads to cost-cutting for the businesses. Benchmarking lower the labor costs as a company can identify that a top company is used technology instead of labor. Based on this review the company can adopt the technology has aided in cost-cutting. Benchmarking boosts a company’s product quality. A company can decide to purchase a rival company’s products for review. The information that will be acquired may utilize in developing a product whose quality is similar or even better compared to that of the competitors. Benchmarking can aid in increasing a company’s sales and profits. A company that is involved in benchmarking tends to improve its products, services, and even processes. ...Download file to see next pagesRead More
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