Problem
What are the different types of benchmarking and explain the reasons for Benchmarking?
Different types of bench marking
- Performance benchmarking or operational benchmarking
- Process benchmarking or functional benchmarking
- Strategic benchmarking
Reasons for Benchmarking (any four reasons given below)
- to achieve business and competitive objectives
- external orientation
- helps in developing best practices
- time and money are saved
- helps in developing healthy competition
- helps an organisation to identify whether they have fallen behind in competition
- enhances innovation