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Benchmarking can help in identifying new business opportunities by allowing businesses to compare their performance with others in the industry. This comparison can reveal gaps in performance and areas where the business can improve. By addressing these gaps, businesses can create new opportunities for growth and expansion. Additionally, the continuous nature of benchmarking means that businesses are always looking for ways to improve, which can lead to the discovery of new strategies and business opportunities.
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Benchmarking is more than just identifying gaps in performance and strategies to stay competitive. More importantly, it is not just a "one-time deal" – procedures are continuously examined and analyzed to deliver improved performances. So use benchmarking to seek out the best possible implementation at different stages of your business.
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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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