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Benchmarking helps in identifying performance gaps by comparing your business processes and performance metrics to industry bests or best practices from other industries. This comparison allows you to identify areas where your performance is lagging behind and thus, you can take necessary steps to improve.
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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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