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It is about benchmarking

Hello readers, I will be talking about benchmarking in this article. Benchmarking can be defined as a situation where a company compares its processes and performances to the industry best or best practices of a company or with the best department. Benchmarking can be carried out in different number of ways.

Best in class benchmarking
This is a situation where a company compares the departments within their business with similar departments within the best external company. This will motivate managers to carry out actions that will help their company match the best-in-class performance.

Competitive benchmarking
This is a situation whereby a company collects information about direct competitors in order to compare their processes and results with theirs; with an aim to follow the steps of the best practice.

Historical benchmarking
This is a situation where a company compares its present performance with its past performance. This way of benchmarking can make a company feel too comfortable at the expense of its performance since the company will only be comparing its present performance with its past. It best to compare performances with that of competitors.

Internal benchmarking
This is a situation whereby a company compares the performance of one department with another department within the same organisation. A department that performs well in the group can be used as an example of best practice.

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