Portal: Business World
Headline: Benchmarking-The need of the hour
Date: 27 October 2015
India is a country where apart from government organizations, private, public, non-profit, etc. occupy massive space in the market. In a developing country like ours, the question stumbled upon is why and how to review the performance of say a company, to compare operations of an organisation with its competitors and why is it important to measure, analyze & benchmarkcustomer satisfaction levels. How are they interconnected and why are they relevant for an organisation.
Benchmarking is the practice of a business comparing key metrics of their operations to other similar companies. In the business world, companies use benchmarking as a point of reference as well. They use benchmark reports & analytics, as a way to compare themselves to others in the industry. It is a way by which you can quickly determine the real health of the business. A benchmark report can examine things like revenue, expenses, production amounts, employee productivity, etc. Benchmarking as a process helps us to assess the organization's strategy, products, and processes, and compare them with those of the world's best-in-class organisations. The analytics also brings out specific opportunity areas to improve to thrive and even survive - which in today's volatile world - is the question most management are seeking answers on. - See more at...