Benchmarking - in search of competitive edge

Описание: #Benchmarking #competitiveadvantage #performancemeasurement #mba

Continuous improvement is almost the main strategy of any organisation nowadays. The need for constant change is what makes an organisation survive and sustain itself in the hyper competitive market place of today. This requires an entity to be on the alert to what's taking place in the industry and particularly within competitor organisations. The urge for comparing of own data with that of the competition is very much natural behavior in the modern industries.This conduct of comparison is what #benchmarking is about. #Benchmarking analysis would help the company to take the next step- that of deciding what to do with regard to catching up with the competition. As a crucial management tool, #benchmarking helps the mangers in carrying out performance measurement of own organisation with the rest in the industry. Not just externally , but in the internal learning and improvement as well, this practice of #benchmarking comes to be of assistance. In a nutshell, the very practice of developing industry standards has its beginnings in this age old concept that's #benchmarking.