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(1)“A continuous systematic process for evaluating the products, services and work of organizations that are recognized as representing best practices for the purpose of organizational improvement.”
(2)“ A continuous search for, and application of , significantly better practices that lead to superior competitive performance.”
(3)“A disciplined process that begins with a thorough search to identify best-practice-organizations, continues with the careful study of one’s own practices and performance, progresses through systematic site visits and interviews, and concludes with an analysis of results, development of recommendations and implementation”.
(4) “Benchmarking is an external focus on internal activities, functions, or operations in order to achieve continuous improvement.”
Why Benchmarking ?
•The central essence of benchmarking is about learning how to improve business activity, processes, and management.
•Benchmarking involves looking outside a particular business, organization, industry, region or country to examine how others achieve their performance levels and to understand the processes they use.
•Thus, benchmarking helps explain the processes behind excellent performance.When lessons learnt from benchmarking exercise are applied appropriately, they facilitate improved performance in critical functions within an organization or in key areas of the business environment
Types of Benchmarking