The extent of benchmarking in the South African financial sector

Abstract

Benchmarking is the process of identifying, understanding and adapting outstanding practices from within the organisation or from other businesses, to help improve performance. The importance of benchmarking as an enabler of business excellence has necessitated an in-depth investigation into the current state of benchmarking in South Africa. This research project highlights the fact that respondents realise the importance of benchmarking, but that various problems hinder the effective implementation of benchmarking. Based on the research findings, recommendations for achieving success are suggested.