Benchmarking Primer (PowerPoint PPT Slide Deck)

DESCRIPTION

Benchmarking is the systematic process of comparing one's business processes and performance metrics to industry bests and best practices from other companies. Dimensions typically measured are quality, time, and cost. Benchmarking models are useful to determining how well a business unit, division, organization or corporation is performing compared with other similar organizations. Business benchmarking is related to Kaizen, continuous improvement, and competitive advantage thinking.

In the process of best practice benchmarking, management identifies the best firms in their industry, or in another industry where similar processes exist, and compares the results and processes of those studied (the "targets") to one's own results and processes. In this way, they learn how well the targets perform and, more importantly, the business processes that explain why these firms are successful.

Large consulting firms are often hired due to their access to competitive benchmarking information, which they have acquired by working with large numbers of companies.

This deck provides an introduction to benchmarking and includes a 10-step approach to developing and maintaining benchmarks.

This presentation delves into the intricacies of benchmarking by breaking down the process into a comprehensive 10-step approach. Each step is meticulously detailed, from determining the processes to be benchmarked to recalibrating the benchmarks, ensuring a thorough understanding of the entire benchmarking cycle. The deck also explores the various types of benchmarking, categorized into broader and detailed levels, providing a nuanced view of how different benchmarking strategies can be applied across various industries and functions.

The PPT highlights the costs associated with benchmarking and offers insights on how these costs can be mitigated through effective use of internet resources. It contrasts benchmarking with competitor research, emphasizing the importance of continuous improvement over quick fixes. This primer is an essential tool for executives looking to leverage benchmarking to drive performance improvements and maintain a competitive edge in their industry.

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Source: Best Practices in Benchmarking PowerPoint Slides: Benchmarking Primer PowerPoint (PPT) Presentation Slide Deck, PPT Lab