Benchmarking can inspire new possibilities for improvements in several ways. It allows businesses to compare their processes and performance metrics to industry bests or best practices from other industries. This comparison can reveal areas where the business can improve. Additionally, benchmarking can identify methods of improving these processes by studying how others achieve their high performance levels. It can also provide a measure of performance against which improvement efforts can be validated.
Comparisons to a top performer or industry leader not only examine the current business performance...
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