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Effectiveness of Benchmarking as a Performance Improvement Strategy - Research Proposal Example

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This proposal finds out the extent to which benchmarking has been used as a strategy and with what success. The author notes that most of the companies that are listed in the fortune top 500 have at one time or another employed the strategy of benchmarking in an effort of improving performance. …
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Effectiveness of Benchmarking as a Performance Improvement Strategy
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Download file to see previous pages Essentially benchmarking involves “carrying out an audit on two fronts” (Evans 138). One needs to identify current processes and practices in a business or organization and then probe their weaknesses. The next step involves the identification of companies that have proved to be experts in a given field and then trying to match or even better their performance. The rationale behind benchmarking is that if you do not know what the best practices in the industry are, then chances of being the best are almost zero. It is also a tried and tested method of matching competitor strength and even eclipsing them in the market place.
A good example where benchmarking has been used lately is in the field of mobile technology. Apple Inc caused a stir when it introduced the hugely popular touch screen phone the iPhone. Coupled with its top-notch marketing strategy, the company easily set the benchmark in trendy mobile technology. Not to be outdone, rivals such as Nokia and Samsung used Apple’s touch technology to produce mobile phones which have gained a foothold in the market and proved to be worthy competitors. 
According to Damelio, benchmarking is a “process and not an event” (71). It involves constantly looking outside the organization to learn the tricks of achieving excellence in an organization. In other words, it is a learning experience and once the lesson is learned then the process is applied in the company. The first step in the process of benchmarking involves a thorough understanding of the current norm of business and then analyzing the business practice of others who are considered the pacesetters in the industry. The first step in the process of benchmarking involves a thorough understanding of the current norm of business and then analyzing the business practice of others who are considered the pacesetters in the industry.  ...Download file to see next pagesRead More
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