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Benchmarking can be a useful practice for a business as it allows the business to compare its processes and performance metrics to industry bests or best practices from other industries. This can help identify areas for improvement and monitor performance. It also provides a point of reference to measure progress over time.
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Compare the direct and indirect advantages of benchmarking. And use the knowledge to assess whether benchmarking could be a useful practice for your business. (Slide 5) A benchmarking timeline allows you to plot activities to benchmark, their duration, and progress across an editable timeframe. (Slide 7) Use a table to display key results from your benchmarking. Analyze how these results can be translated into key findings. And identify actionable items to act upon immediately or in the long run. (Slide 14)
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Comparisons to a top performer or industry leader not only examine the current business performance of your organization, but could also inspire new p...
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