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Benchmarking
BENCHMARKING

Definition: (business) In business, benchmarking is a process in which a company compares its products and methods with those of the most successful companies in its field, in order to try to improve its own performance.
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* All six elements should be in.


1. Purposeful and necessary (see definition).

2. Selected products and methods of all the companies involved in research, or testing, will be top of the range. That is, full access or availability of the range will be provided.

3. Underhand tactics, cut corners, etc., if any, that successful companies used will be discovered and taken into consideration.

4. Process will be conducted by the appropriately qualified personnel, whether these are outside consultants, inside employees. And these 'professionals' will complete assignment in good time.

5. Comparisons and goal(s) set thereafter will not be audacious or unrealizable. That is, no unplanned loss will arise as a consequence.

6. Distinction(s), arising from process will be rightly made use of. That is, process will achieve goal(s), leading to development of new strategies, adoption of modern methods, etc., all aimed at achieving the desired improved performance.
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See perfect COMPETITIVENESS (2).

See perfect QUALITY CONTROL.

See perfect COMPARISON (1).

See perfect RISK-MANAGEMENT.

See perfect IMPROVEMENT (1).

See perfect CUSTOMER SERVICE.

See perfect CUSTOMER SATISFACTION.

See perfect COMPETITIVENESS (1).

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