Benchmarking is practiced by companies who compare their work nature with others and set a standard. Here are types, pros and cons of benchmarking process.
Aug 14, 2010 ... The major advantages of benchmarking are that it drives performance improvement, helps establish fresh paradigms, and heralds change. The major disadvantages of benchmarking are the possibility of aping false or low standards and the risk of complacency and arrogance. The advantages of ...
In the late 1970s, Xerox became the first major U.S. corporation to benchmark. The company analyzed all of its key business functions and then compared the analysis to similar counterparts in other companies around the world. Benchmarking eventually became a way to measure performance for companies of all sizes.
Dec 28, 2016 ... Benchmarking is a process of measuring the performance of a company's internal processes and then sizing up against organizations considered best in class. In other words, it is a comparison exercise to know where we stand when compared to our competitors.
Benchmarking is the process of studying industry or competitive practices, functions and products and finding ways to meet or improve upon them. Companies from all different industries use ...
May 17, 2016 ... Benchmarking does more than let you know how to obtain output. It also lets you understand the output of your competitors. This process, which can take on one of four general systems, allows you to implement metrics and the best practices of your industry so that you can start doing things better, cheaper, ...
Advantages & Disadvantages of Benchmarking - Download as Word Doc (.doc), PDF File (.pdf), Text File (.txt) or read online. Advantages & Disadvantages of Benchmarking.
Feb 22, 2012 ... Provides an avenue for change in clinical practices. DISADVANTAGES OF BENCHMARKING. · Benchmarking is the danger of complacency and arrogance. Many organizations tend to relax after excelling beyond competitors' standards. The realization of having become the industry leader soon leads to ...
Jan 9, 2006 ... Benchmarking certainly has its virtues. Comparing production time or the cost of a standard process to that of peer companies can yield important insights about your own efficiencies—and ultimately, competitiveness. But benchmarking also has its limits. When you ignore the differentiated output that ...