Benchmarking entails comparing a company process' efficiency and effectiveness to stringent standards and then gauging its performance against those standards.
Benchmarking is the practice of evaluating your performance in comparison to that of your rivals and establishing your goals. You'll establish your objectives and create a series of tiny, quantifiable measures to assist you achieve them under the aegis of that benchmark.
By offering the most effective means for quick, meaningful process improvement, benchmarking promotes complete quality. An organization must outperform the benchmark process' performance in order to attain best in class. Benchmarking is thought of as a one-time procedure.
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