Urgent 4 nov 11 exam

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01 November 2011 explain benchmarking in simple language

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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09 November 2011 Benchmarking is the process of measuring an organization's internal processes then identifying, understanding, and adapting outstanding practices from other organizations considered to be best-in-class.

Most business processes are common throughout industries. For example; NASA has the same basic Human Resources requirements for hiring and developing employees as does American Express. British Telecom has the same Customer Satisfaction Survey process as Brooklyn Union Gas. These processes, albeit from different industries, are all common and can be benchmarked very effectively. It's called "getting out of the box".

One of the biggest mistakes organizations make when first benchmarking is that they limit their benchmarking activity to their own industry. Benchmarking within your industry is essential. However, you already have a pretty good idea how your industry performs so it's imperative that you reach outside and above your own industry into other industries that perform a similar process but may have to perform this process extremely well in order to succeed. Here are a couple examples of how one industry can leapfrog their competitor by learning and adapting a similar process from a totally different industry.

RAMESH KUMAR VERMA

RAMESH KUMAR VERMA (Expert)
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09 November 2011 MORE INFORMATION:

https://en.wikipedia.org/wiki/Benchmarking

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