Benchmarking in firms management

Abstract

Benchmarking is a process where companies compare their performance in time against their competition. You'll find there areareas where you are better than most others. You'll also see areas where significant improvement is available. The pointof benchmarking is to focus your efforts where you can get the best return. You want the most improvement with the least investment.The goal of benchmarking is basically to learn best practice from others. It has to be mentioned that, especially concerning costsand benefits cannot always be expressed in quantitative terms. Also, benefit like the creation of network and partnership are difficultto quantify. These qualitative aspects have to be taken into consideration when assessing the usefulness of benchmarking study.The scope of benchmarking needs to encompass all areas of an organization’s activity

Keywords

• benchmarking
• implementation of benchmarking
• requirements on benchmarking team members
• risk analysis