Jochen Ehrhardt | December 18, 2019
By Jochen Ehrhardt Benchmarking, according to Wikipedia, “Is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies. Dimensions typically measured are quality, time, and cost.” This begs the question, "What are companies using benchmarking for?" According to Bain & Company, benchmarking is used to: “Improve performance.Benchmarking identifies methods of improving operational efficiency and product design; Understand relative cost position.Benchmarking reveals a company’s relative cost position and identifies opportunities for improvement; Gai...
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