Bench Marking Transperancy

Benchmarking is …… “Benchmarking is the practice of being humble enough to admit that someone else is better at something and being wise enough to learn how to match and even surpass them” “is a Standard used as test” “Tool used to compare one’s performance against , best in class-achievement”

Benchmarking Evolves as ………

Comparing financial performance with past data of

Comparing Financial Performance with competitors performance ROI, ROA

Comparing Performance with Best Achievers in the Industry More detailed analysis- Time, Cost, Quality the CompanyROI

e.g. Continuous Improvement  Re-engineering  Benchmarking

BECHMARKING - Performance benchmarking with own best processes, with best practices in the industry

Benchmarking- Significance 1. Leads to excellence through improvement, initiates healthy competition. 2. Going out of organization’s framework in search of better ideas. 3. Initiates learning process in the organization, for finding & adapting to new ideas. 4. Better understanding of one’s own programs at first. 5. Better, ambitious but attainable goals can be set & pursued. 6. Gives reference point for performance measurement (added meaning to performance). 7. Removes complacency (self satisfying attitude). Evokes the urgency of purpose and achievement.

Benchmarking- Points to note 1. It can be quantitative as well as qualitative. 2. As it is application of “Benchmark” is not advisable some kind of molding is needed. 3.Take care that it may not lead to worst case situation.(disbelief, denial & despair)

4.Acquisition and ownership of data & information is required. 5.It is a continuous process. 6.Note the aim is not reinvent the wheel, but at the same time it should not become a copy cat. 7.Fear of sharing of information especially competitive advantage is always there. 8.Arrogance & over confidence is of no use.