1. Seven steps in the benchmarking process?
Benchmarking is a process of investigation to discovering and implementing best business practices and processes for improving organisation’s productivity and performance. Benchmarking is evaluation of practices and performances of an organisation against practices and performance of other organisations and applying best practices for improving performance. Seven steps in benchmarking process are as follow.
(1) Deciding the operational area that has to be benchmarked.
(2) Discover the important issues which have to be measured such as financial resources and market plans.
(3) Identifying best business organisations and competitors for each operational area such as identifying organisations that have cost efficiency, those have higher level of customer satisfaction.
(4) Measuring the performance of best business organisations for each benchmark that has considered. Information can obtain from organisation’s press releases. Credit reports, clients and vendors.
(5) Identifying your acts and performance for each factor to other organisations. Identifying gap between in your organisation and other organisations and observe approximate results.
(6) Designing action plans and programs to meet the competition and these action plans may be such as making process easy, introducing new technology.
(7) Implementing these action plans and programs. Developing a time based monitoring or reviewing procedure.
Benchmarking is a process of investigation to discovering and implementing best business practices and processes for improving organisation’s productivity and performance. Benchmarking is evaluation of practices and performances of an organisation against practices and performance of other organisations and applying best practices for improving performance. Seven steps in benchmarking process are as follow.
(1) Deciding the operational area that has to be benchmarked.
(2) Discover the important issues which have to be measured such as financial resources and market plans.
(3) Identifying best business organisations and competitors for each operational area such as identifying organisations that have cost efficiency, those have higher level of customer satisfaction.
(4) Measuring the performance of best business organisations for each benchmark that has considered. Information can obtain from organisation’s press releases. Credit reports, clients and vendors.
(5) Identifying your acts and performance for each factor to other organisations. Identifying gap between in your organisation and other organisations and observe approximate results.
(6) Designing action plans and programs to meet the competition and these action plans may be such as making process easy, introducing new technology.
(7) Implementing these action plans and programs. Developing a time based monitoring or reviewing procedure.