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These are correct, but this is not the best answer. A review of in-house best practices as well as successes in other industries can provide ideas as well.
These are correct, but this is not the best answer. A review of the competition as well as successes in other industries can provide ideas as well.
These are correct, but this is not the best answer. A review of successes in other industries and research into other companies’ experiences can provide ideas as well.
A benchmark is a standard of performance, and benchmarking is the process of measuring the organization against the products, practices and services of some of its most efficient global competitors. The company can use these standards as a target or model for its own operations. This is called "best practices," or "best in class." A benchmark can also be an internal "best practice." Through the application of research and sophisticated software analysis tools, companies can do best practice analysis to cut costs, boost output, and achieve their strategic business goals and objectives. Benchmarking continuously strives to imitate the performance of the best performers, and by meeting these high standards, the organization may be able to create a competitive advantage over its marketplace competitors. The benchmarked company does not need to be in the same industry as the company that is trying to improve its performance.