Enterprise Economics: The Updated Approaches to Benchmarking in the Context of Performance Modeling and Multidimensional Ranking

Abstract

The article is aimed at deepening the theoretical foundations of benchmarking and substantiating applied aspects regarding the feasibility of its use in the activities of enterprises in order to make and implement managerial decisions to increase the competitiveness and effectiveness of the functioning and development of enterprises as systems. The article emphasizes that the main issue of benchmarking is to clarify the factors of more successful and effective activities of some enterprises compared to others. In this context, it is substantiated that the approach proposed in the article is conceptual in terms of the enterprise’s desire to better and improve the effectuality of its functioning and development. Decisive in the use of a certain method is the choice of a number of indicators that characterize the objects and processes allocated when using benchmarking. As such indicators are used the author’s own indicators from the models of the components of the effectiveness of process, characterizing any process both from a qualitative and quantitative point of view. Scientific novelty is the disclosure of the author’s updated methodology for the application of benchmarking on the basis of the results of the studied effectiveness of the processes of functioning of enterprises using the models of components of effectiveness with the above articulated purpose with the implementation of multidimensional ranking and the detection on its basis of a leading enterprise to enable constructive comparative analysis. It is proved that in an unstable external competitive environment, the need to develop vectors of strategic orientation of the enterprise for the best results with the help of the so-called «etalons», such as leading enterprises, are allocated by means of multidimensional ranking. Comparative analysis can facilitate the adaptation of the effectiveness of performance of individual enterprises to best practices

Keywords

• effectiveness
• management
• benchmarking
• enterprise-leader