Benchmarking Is A Competitive Business Strategy - 790 Words

Lastly, benchmarking is a competitive business strategy where organizations compare their business processes and practices with other organizations that may simply do it better. Through benchmarking, organizations can determine how other businesses achieve high performance levels and how they can experience competitive advantages pertaining to customer service and the quality of their processes (Meybodi, 2013). Organizations have several different options when it comes to benchmarking, as they can compare business processes with competitors in their industry, successful organizations in other industries, and their own internal departments. Typically, businesses will benchmark other organization’s performance metrics that pertain to quality, time and cost (Meybodi, 2013). Organizations want to study the moves and decisions from the businesses that set the highest standards in the world. For example, organizations in the tech industry and start-up businesses aspiring to build do minant empires should benchmark the practices of Apple or Microsoft. Both of these companies have dominated the tech industry for the last few decades and have set the standard for being the absolute best. In a practical setting, Nike has the luxury to participate in internal benchmarking and external benchmarking. There external benchmarking options are limited because they rule the sporting industry and are content with their own practices. However, they still keep a strong tab on competitors suchShow MoreRelatedAdvantages And Disadvantages Of Benchmarking1340 Words   |  6 PagesBenchmarking The advancements in business in the last several years have led to the necessity for providing the best possible products to consumers. Globalization has created the opportunities for customers to look outside the local market to quickly and easily purchase desired products and services. 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