Benchmarking 5
Benchmarking 5 : This is a strategic management approach which recognizes that "the most effective way to implement change is by learning from the positive experiences of other organizations". Essentially, this process entails a company's study of lop companies' in a similar line of business and with similar work processes, identifying the practices behind their success, and then adapting such practices to its own. In benchmarking, the emphasis is on adaptation and innovation as opposed to adoption and imitation. In the past, benchmarking focused more on the "benchmarks" actual measures of comparative performance. Today, emphasis is more on the "enablers" the actual processes and activities that bring about exceptional performance and allow maximum achievement. Benchmarking has erroneously been linked to manufacturing concerns only. It can also be usefully applied to non-manufacturing organizations and for processes other than production, distribution and the like. Effective benchmarking necessitates the setting up of a benchmarking team. This team will, among other things, plan the study find benchmarking partners, observe and document the partners' processes, identify performance gaps and their root causes, and choose the best practices that are then adapted and implemented
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