I need information about, type of benchmarking, and the companie that make benchmarking

Question

David · Accepted Answer

Running Head: TYPE OF BENCHMARKING
Running Head: TYPES OF BENCHMARKING
1
PAGE  
6
TYPES OF BENCHMARKING
Types of Benchmarking
Name
Institution
Types of Benchmarking
Benchmarking is the process in which a business compares its performance metrics and process to best practices of the industry in other organizations. In other words, benchmarking refers to learning from the success of others (Knez-Riedl, 2007, p. 5). There are several types of benchmarking processes, which include strategic benchmarking, competitive or performance benchmarking, process benchmarking, functional benchmarking, internal benchmarking, external benchmarking, international benchmarking, product benchmarking, and financial benchmarking (Dragolea & Cotirlea, 2009, pp. 814-815).
Strategic Benchmarking
Strategic benchmarking entails investigating long-term strategies (such as new service and product development, core competencies, and mechanisms of managing change) used by high performers in the industry to improve the general performance of a business (Lankford, n.d, p. 58).
Competitive or Performance Benchmarking
Competitive or performance benchmarking entails examining performance characteristics in regards to key services and products found in the same sector. This type of analysis is often conducted through third parties or trade associations in order to protect business confidentiality (Lankford, n.d, p. 58).
Process Benchmarking
Process benchmarking is concerned with improving performance of a business’ critical processes and operations. A business’ operations and processes are compared to organizations entailed in similar work. For instance, this process is used in comparing the billing process, customer complaint, recruitment process,

I need information about, type of benchmarking, and the companie that make benchmarking

Solution

Answer To This Question Is Available To Download

Related Questions & Answers

Submit New Assignment