Question
The main components of the business benchmarking process are planning, analysis, and action. These stages make up a continuous cycle. During the planning stage, the process is defined and the necessary resources and partners are identified for conducting the analysis. The analysis stage involves examining the data and comparing it with other businesses or industry standards. The action stage involves implementing the necessary changes based on the findings from the analysis.
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The benchmarking process can be roughly be divided into planning, analysis, and action. Again, these stages are presented in a circular fashion because they make up a continuous cycle. Within each of these three stages, we can add smaller action items. For example: during planning, we want to define the process first, and identify the resources and partners that we need to conduct the analysis. (Slide 8)
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