Benchmarking contributes to competitive advantage by allowing a company to compare its processes and performance metrics to industry bests or best practices from other industries. This comparison can reveal areas where the company is lacking or could improve, providing a clear direction for strategic decision-making. By implementing these improvements, a company can enhance its performance, efficiency, and ultimately gain a competitive edge over its rivals.
Comparisons to a top performer or industry leader not only examine the current business performance...
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