Advantages Of Benchmarking

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Introduction

Benchmarking is the procedure of identifying, understanding, and adapting brilliant practices from organizations everywhere worldwide to assist a business enterprise enhance its overall performance.
Organizations’ interest in benchmarking has drastically increased since its first introduction in 1979 by Xerox (Asrofah, et al., 2010).
It's far an activity that appears outward to locate exceptional exercise and excessive overall performance and then measures actual enterprise operations in opposition to the ones goals thus identifying performance gaps and areas that need improvement.

Due to the rapid changes throughout the world and competition taking a rise, it is crucial for organizations to have a quality that will outperform their competitors through using
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Primarily based at the case research and reports within the USA in the late 1990s, all Fortune 500 companies were regularly using benchmarking (Kumar and Chandra, 2001). However, due to the lack of entire know-how of benchmarking, some companies find it difficult to effectively utilize the tools.
Benchmarking also assist management to conquer paradigm blindness. Besides, that, it also introduces new methods, ideas, and tools to the organizations to aid them in improving their effectiveness so that they can easily solve organizational problems. According to Camp (1989), benchmarking can permit the first-class practices from any enterprise to be creatively included into the procedures of the benchmarking function. Secondly, benchmarking breaks down the reluctance in making operational modifications. In addition, benchmarking is a valuable device for placing goals; it's far something that is important so that businesses can remain competitive and for getting to know new thoughts (Balm,
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