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 best practice benchmarking, management identifies the best firms in their industry, or in another industry where similar processes exist, and compares the results and processes of those studied (the “targets”) to one’s own results and processes.
WELCOME TO RICHTOPIA
- 2,792,165 all-time users
- 11 Amazing Examples of Disruptive Technology
- What Is Social Marketing? And How Does It Work?
- Business Etiquette Across Cultures (INFOGRAPHIC)
- 17 Great Examples of Effective Leadership and Strategy
- 7 Wealth Habits of the World’s Richest People
- British Entrepreneurs Top 100: From Richard Branson to J.K. Rowling, These Are the Most Influential Entrepreneurs in the UK