Fully describe the benchmarking process (advantages and disadvantages) and explain in detail when and why a firm should employ this process.
Benchmarking can be termed as the process of comparing an organization's processes, systems, metrics and performance to the best practices in the industry or industry standards or those of best performing companies in the industry. "Benchmarking involves research into the best practices at the industry, firm, or process level. Benchmarking goes beyond a determination of the "industry standard." It breaks the ...
This solution describes the benchmarking process, the advantages and disadvantages of benchmarking and when and why a firm should employ this process. This solution is 220 words.