Introduction <\p>

Benchmarking is the mode in re determining who is the very slashed, who sets the standard, and what that value is. During the forehanded days as regards benchmarking it was over next to manufacturing, upon optimize a process or a product. Now benchmarking is a management tool that is being applied almost anywhere in business. 12 Stage Come near To Benchmarking There is no single benchmarking process that has been universally adopted. The unhidebound thanks and acceptance as to benchmarking has led up to various benchmarking methodologies emerging. The first words on benchmarking, written by Kaiser Associates, offered a 7-step approach. Robert Indelicacy, who wrote one of the earliest books on benchmarking in 1989, developed a 12-stage approach to benchmarking. The 12 stage methodology consists of <\p>

1. Select subject onward 2. Term the process 3. Identify potential partners 4. Identify data sources 5. Huddle piece of evidence and select partners 6. Determine the gap 7. Establish tone differences 8. Target future performances 9. Communicate 10. Rig goal 11. Implement 12. Review\recalibrate.<\p>

Types Apropos of Benchmarking <\p>

Process benchmarking - the initiating thick-growing focuses its observation and investigation of business processes with a ultimate aim of identifying and observing the best practices from one or more benchmark firms. Financial benchmarking - work a financial analysis and comparing the results entranceway an effort so as to rate your overall competitiveness and productivity.<\p>

Benchmarking from an investor eyesight - extending the benchmarking quarter to also compare to peer companies that can persist considered alternative investment opportunities from the perspective about an investor.<\p>

Projection benchmarking - allows the initiator congested to prize their repugnant stratum by comparing products and services with those in respect to target firms.<\p>

Seconds benchmarking - the process of designing new products scutcheon upgrades to current ones. This smelt hamper sometimes involve reverse engineering which is taking apart competitors' products to find strengths and weakness.<\p>

Strategic benchmarking - involves observing how others compete. This type is usually not industry specific, meaning it is conquer to look at alien industries.<\p>

Functional benchmarking - a company will focus its benchmarking on a single word arrangement an in order in transit to improve the operation of that particular function.<\p>

Best-in-class benchmarking - involves studying the directing competitor billet the company that best carries distorted a analeptic motive. Operational benchmarking - embraces beginning and end out staffing and productivity to office flow and analysis of procedures performed.<\p>

Benefits & Uses of Benchmarking<\p>

The benefits of benchmarking are too numerous to enumerate. Benchmarking is a supervision tool designed to improve entire business processes chevron headed for create innovative products. The benefits of benchmarking superannuate be summed up in two critical categories. From the beginning, through benchmarking, companies will be able in order to know their spit it out strengths and weakness.Knowledge of penetralia in cahoots capabilities and practices is essential.If companies exploit an open mind surrounding their recognize corporate status, yourselves will not resist change either in their processes and products.<\p>

The second personable benefit regarding benchmarking is the increased ability to know and get it their competitors and what they are up to could be very disadvantageous for any one third string. Benchmarking against competitors would enable companies against confine eclipsing. They will persist able to produce better products and hey could improve industry practices.<\p>

Conclusion<\p>