Benchmarking is a tool to help you improve your business processes. Any business process can be benchmarked. It is the process of identifying, understanding, and adapting outstanding practices from organizations anywhere in the world to help your organization improve its performance. Benchmarking is a highly respected practice in the business world. It is an activity that looks outward to find best practice and high performance and then measures actual business operations against those goals.
By Benchmarking you will find out;
* Who performs the business process very well and has process practices that are adaptable to your own organization
* Who is the most compatible for you to benchmark with
* If you need to conduct a comprehensive benchmark study or if you can obtain 80-90% of what you need from just using the telephone, email, or an electronic survey to communicate your needs with other members on The Benchmarking Exchange
Most business processes are common throughout industry. For example; NASA has the same fundamental Human Resources requirements for hiring and developing employees as does American Express. British Telecom has the same Customer Satisfaction Survey process as Brooklyn Union Gas. These processes, albeit from different industries, are all common and can be benchmarked very effectively.