BENCHMARKING

Benchmarking is a tool for identifying processes and comparing them to determine best practices.

The key to effective benchmarking is to use reliable, objective criteria when comparing and evaluating processes and practices. The criteria should be applied consistently.

Benchmarking provides three advantages. One, it identifies best practices. Two, it requires documentation of existing practices. Three, it encourages people to think about better ways of doing business.

for Benchmarking

• Develop criteria for selecting firms.
• Develop criteria for comparing and evaluating firms.
• Determine the objectives of the benchmarking.
• Document the existing process.
• Remain consistent and objective when applying the criteria.
• Identify the best practices.