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Running Head: BENCHMARKING 1
BENCHMARKING 4
Benchmarking
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The benchmarking process can generally be established as a comparison of metrics. Therefore, the benchmarking concept is established as the process applied in management subject to the aspect of strategic management regarding the strategy employed by organizations in the evaluation of their various process compared to the best practice, particularly within their industry. The fundamental advantage associated with benchmarking is that it enables individuals to check on their performance with subject to a different perspective, which enables the individual to establish how they’re doing while assisting them in taking proper actions with regards to improving their performance. Therefore, this enhances the organizations’ capability to adopt the plans necessary for establishing such best practices with regards to translating to an increment in various performance aspects(Avinash Kaushik, 2014).
The significance of setting goals is extremely important with subject to businesses. This establishes something to look forward to for the employees. In a situation whereby a business doesn’t set goals, it might have difficulties with regards to establishing where the end state is. The benchmarking concept and setting goals have significantly been attributed to significant benefits within organizations. This includes better performance whereby the benchmarking aspect is attributed to helping organizations with regards to overcoming complacency. Therefore, the organizations are established to continually strive to improve their performance standards subject to staying relevant in the market. The benchmarking concept enables organizations to identify the areas with regards to where their standard and the industry are significant(Charlotte Rowe, 2019).
In the case whereby an individual thinks about the aspect of benchmarking, there are two primary types of benchmarking, namely external and internal benchmarking. The aspect of external benchmarking entails the comparisons undertaken with regards to the subject property, or property concerning external organizations. On the other hand, the concept of internal benchmarking is established as a description of comparisons that are undertaken within an organization(Avinash Kaushik, 2014).
References
Avinash Kaushik. (2014, December 16). Benchmarking analytics performance: The options, dos, don’ts. Retrieved from https://www.kaushik.net/avinash/benchmarking-digital-analytics-performance-metrics/
Charlotte Rowe. (2019, August 16). How to use benchmarking to evaluate website performance. Retrieved from https://www.business2community.com/online-marketing/how-to-use-benchmarking-to-evaluate-website-performance-02229758
