Simply put, benchmarking is the process of finding out what the best performance standards are in a particular company, from a particular competitor, or from a completely different industry.
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Benchmarking has several other advantages:
1. Quality improvement: Benchmarking helps companies to continuously improve the quality of their products and services. Companies adhere to these standards and then try to exceed them.
2. Better Performance: Benchmarks help companies deal with complacency. They are constantly working to improve their performance standards in order to remain relevant in the market.
3. Cost efficiency: Through benchmarking, companies receive valuable data on the latest technologies and processes in the business environment. They aim to increase productivity while reducing costs.
For example, a manufacturing company could study a particular machine used by its competitors that could do work for five workers. The company can also use similar technology to reduce labor costs.
4. Use strengths: Benchmarking can also provide information on areas where a company is doing much better than on the market. This information can help organizations in this regard
Several companies have recognized the value of this process. This is the easiest way to understand where the organization is and how far it must go before reaching the top.
Although benchmarking used to be a "Do It Well" initiative, it is now very important for companies to benchmark in order to stay relevant and gain a competitive advantage.