Striving for constant improvement in your business is a usual and very much needed practice for your business. Business improvement has to be with respect to what is going on at your competitors place. By doing this you can ensure to be one step ahead of your competitors. One common tool you can use for ensuring your superiority is – Benchmarking.
What is benchmarking?
Some say it is a management tool, for others it is a continuous process within an organization. Whatever the definition is, benchmarking is about learning to change.
It is an analysis of your business with that of another using some criteria for comparison. The comparison can be on performance, programs, strategic positions, abilities etc. You can benchmark against your nearest competitor or with the best company in your area of business. The findings of the analysis can be used for formulation of new objectives and policies for your company.
Advantages of Benchmarking
Since benchmarking is not considered as a onetime project but rather a continuous process throughout the life time of a company, it helps you to remain