Business Process & Training
Business Process And Training Column Of Sevices
Benchmarking is the process of comparing one's business processes and performance metrics to industry bests or best practices from other industries. Dimensions typically measured are quality, time and cost. In the process of benchmarking, management identifies the best firms in their industry, or in another industry where similar processes exist, and compare the results and processes of those studied (the "targets") to one's own results and processes. In this way, they learn how well the targets perform and, more importantly, the business processes that explain why these firms are successful.
Process benchmarking shows an organization how it rates in operational performance compared to peers and industry leaders, and highlights the areas that have the greatest potential for near-term and long-term process improvement.