Benchmarking is evaluating something by comparing it with a standard. The standards might be other parts of the business industry's best practices and other sectors. Types of benchmarking include process, financial, product, functional, performance, and strategic benchmarking. In this paper, we will focus on process benchmarking.
Best in Class Benchmarking
The best performing result for a certain metric in benchmarking is known as best in class. According to Spacey (2020), most companies check for cost, branding, safety, performance, processes, improvement of quality of life, customer service and automation. They check for the above attributes of the process and use them to classify the best performing.
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The Method I Would Use to Benchmark a Company
Benchmarking processes include selecting the subject to benchmark. For instance, you choose a method you want to benchmark, decide on the companies or part of the company you want to benchmark, record the existing process so that you can easily compare with the chosen organization, gather and examine your data. Portion the performance as compared to collected data, make a plan that you will use to implement the changes then apply the changes noticed.
Steps to Implement and Execute Choice of Benchmark
During the implementation of the changes, the administration should screen the changes and employee enactment. If the new process is not working as projected, recognize the area to work on. Ensure you train all the employees so that they know what they should do. One should document all the processes and ensure that employees have access to the information so that they work toward the same goal (Lucidchart Content Team, 2020). After one is successful in implementing the new method, the company should repeat the process of the benchmark to find better ways of doing the means to improve the company outcomes. If the area chooses are running smoothly, then it is time to look into other areas and go through the process, and with time the company will even be better than the competitors.
References
Lucidchart Content Team. (2020). 8 Steps of the Benchmarking Process. Retrieved 15 May 2020, from https://www.lucidchart.com/blog/8-steps-of-the-benchmarking-process .
Spacey, J. (2020). 8 Examples of Best in Class . Simplicable. Retrieved 15 May 2020, from https://simplicable.com/new/best-in-class .
