Elements of Benchmarking / Benchmarking Process

1. Identifying the need for benchmarking and planning
2. Clearly understanding existing business processes
3. Identify best processes
4. Compare own processes and performance with that of others
5. Prepare a report and implement the steps necessary to close the performance gap
6. Evaluation

Benchmarking – Meaning and Uses

Benchmarking is an approach of setting goals and measuring productivity based on best industry practices.
Firms can use Benchmarking process to achieve improvement in diverse range of management functions like :

• Maintenance operations
• Assessment of total manufacturing costs
• Product development
• Product distribution
• Customer services
• Plant utilization levels
• Human resource management