Introduction
The purpose of this presentation is to discuss a decision making technique (Benchmarking), the sharing of performance and operational information to continuously compare activities among organizations to identify "Best Practices" and improve performance. The principle of benchmarking was developed by companies operating in an industrial environment. I will say more in a thorough explanation of this decision making technique. I will elaborate on an example of how this technique could be applied to a problem. I will also talk about identification of the limitations and benefits of Benchmarking.
Explanation of Benchmarking
Benchmarking, as it is known today, was developed in the USA in the Seventies. In recent years, organizations such as government agencies, hospitals and universities have also discovered the value of benchmarking and are applying it to improve their processes and systems. In addition, industry associations now increasingly use the tool to improve sector-specific processes. Most recently, public authorities have begun to explore the use of benchmarking as a tool for improving policy implementation processes, by focusing on the framework conditions which underlie the business environment and the economy more generally.
Benchmarking has proven to be most valuable process for identifying performance improvement areas. Measurement of best performing companies leads to identification and implementation of "Best Practices". Benchmarking now recognized as an essential technique for achieving continuous improvement areas. Benchmarking allows us to analyze and improve key business processes, eliminate waste, improve performance, profitability and market share. Benchmarking's strength is that it allows us to make decisio ...