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Benchmarking can help in identifying immediate actionable items by comparing your business's performance with the standards or best practices from other companies or industries. This comparison can reveal gaps in your processes or performance, which can then be addressed as actionable items. These items could be anything from improving a specific process, adopting a new technology, or changing a business strategy. The key results from your benchmarking can be analyzed and translated into key findings, which can then be used to identify actionable items to act upon immediately or in the long run.
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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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