What are the goals of benchmarking
What are the goals of benchmarking?
Expert
Benchmarking entails comparing how various companies perform different value chain activities.
The objects of benchmarking are:
i. To identify the best practices in executing an activity.ii. To study how other companies have actually achieved better results or lower costs in performing benchmarked activities.iii. To take action to enhance a company’s competitiveness whenever benchmarking reveals that its results and its costs of executing an activity don’t match those of other companies.
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