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Various companies use benchmarking method as a way to compare key metrics to other businesses. This enables to see how the companies are performing and recognize different ways so that they can become more competitive and successful. It is also used as a point of reference. It will enable you to understand the health and progress of any company.
What is Benchmarking Management?
In this advanced and competitive world benchmarking method is very crucial and helpful in order to keep a track of progress and achievements for any company. For any student studying management, Benchmarking method is very vital. We myhomeworkhelp.com are available 24*7 to provide you Benchmarking Management Homework Help.
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What are the different types of Benchmarking?
Companies aspire or wish to be like other successful companies by looking at them. By doing thisthe company can understand the practices and techniques followed by leading companies. It in turn helps them to improve their conditions. The different types of benchmarking are as follows-
- SWOT–
In this type companies collect or gather information by looking at their weakness and strengths.
- Collaborativebenchmarking–
This is a type of benchmarking where companies can be a part of a group. They can join or shake hands with other top leading companies. This helps them to understand their techniques and also to gain popularity and recognition for being into association with such reputed industries or companies.
- Peerbenchmarking–
This is a kind of benchmark report where companies select other companies to look at them who are similar in functioning like them. This enables them to stay competitive who ate into similar trades or goals and achievements.
What is the benchmarking process?
There are mainly four steps. In the first step the company has to determine the targets of research projects. The second step requires planning and research. In this step the particular company gives all the resources and power to carry out the project and complete it before the estimated deadline. The third step is all about gathering data. The last step is about analysis.
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