Definitions of Benchmarking

What is Benchmarking?

Benchmarking is a strategic management approach that organisations use to gain a competitive edge by comparing their practices, processes, and performance metrics with those of their industry counterparts or top performers. It’s a powerful tool that allows companies to identify areas for improvement, set performance targets, and implement effective strategies to enhance overall organisational performance....

Definitions of Benchmarking

“Benchmarking is the continuous process of measuring products, services, and practices against the toughest competitors or those companies recognised as industry leaders.” – David Kearns of Xerox Corporation “A process of identifying, understanding and adopting outstanding practices from within the same organisation or from other organisations to help improve performance.” – Sarah Cook...

Advantages of Benchmarking

Benchmarking offers numerous advantages for organisations striving to improve their performance and gain a competitive edge. Some key benefits of benchmarking are:...

Drawbacks of Benchmarking

While benchmarking can be a valuable tool for organisations, it’s important to be aware of potential pitfalls and challenges that can arise. Here are some common pitfalls of benchmarking:...