Question
Benchmarking can help in examining the current business performance of an organization by providing a standard or point of reference against which the organization's performance can be measured. It allows the organization to identify areas where it is performing well and areas where improvement is needed. By comparing the organization's performance with the benchmarks, it can identify gaps in performance and develop strategies to close those gaps. Furthermore, benchmarking can also provide insights into industry best practices and trends, which can be used to drive continuous improvement and innovation.
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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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