ExtraOrdinary -Bench Marking Marketing

What is Bench Marking?

 Benchmarking is the process of improving performance by continuously identifying, understanding, and adapting outstanding practices found inside and outside the organization.

Benchmarking is the process of comparing ones business processes and performance metrics to industry bests and/or best practices from other industries.

Benchmarking is a process that allows organizations to improve upon existing ideas. In order to eliminate myths and misconceptions about benchmarking it is important to know exactly what benchmarking is, the different types of benchmarking.

Benchmark Portal

Concept OF Benchmarking

Benchmarking is not a complex concept but it should not be taken too lightly. Benchmarking is basically learning from others. It is using the knowledge and the experience of others to improve the organization. It is analyzing the performance and noting the strengths and weaknesses of the organization and assessing what must be done to improve.

Reason For Benchmarking

There are three reasons that benchmarking is becoming more commonly used in industry (Boxwell, 1994). They are: Benchmarking Bench marking is Benchmarking has the ability to a more efficient speeds up bring corporate way to make organization’s Americas improvements. Ability to make performance up improvements.

Benchmarking Process‡

·        Identifying a critical process that needs improvement.

·        Identify an organization that excels in the process, preferably the best.

·        Contact the organization that you are benchmarking; visit them, and study the process or activity. ‡

·        Analyze the data.

·        Improve the critical process at your own organization.

TYPES OF BENCHMARKING

Actually the organizations following performance measuring types are

·        Process benchmarking

·        Operational benchmarking

·        Financial benchmarking

·        Functional benchmarking TYPES

·        Benchmarking from an investor perspective Strategic benchmarking Performance benchmarking Product benchmarking.

Approaches to Benchmarking

·         Internal & External Benchmarking

·         Performance or Competitive Benchmarking

·         Functional and Generic Benchmarking

·         Strategic Benchmarking

·         Process Benchmarking

·         International Bench marking

Benefits of Benchmarking

• helps organizations understand strengths and weaknesses

• Helps better satisfy the customer’s needs by establishing new standards and goals

• motivates employees to reach new standards and to be keen on new developments 

• helps organizations improve their competitive advantage

• is a cost-effective and time-efficient way of establishing a pool of innovative ideas.

Bench Marking Approach