BENCHMARKING AS A MANAGEMENT TOOL

Benchmarking is a systematic, continual (ongoing) management process used to improve products, services, or management processes by focusing on and analyzing the best of the best practices, by direct competitors or any other companies, to determine standards of performance and how to achieve those standards, to provide least cost, quality or differentiation, in the eye of the customer. Key words in this definition are systematic and ongoing, which imply that in order to have a successful benchmarking one must be familiar with the Kano model, Shewhart-Deming cycle, and principle of Kaizen improvement. This…Read more …