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Benchmarking plays a crucial role in strategic planning as it allows an organization to compare its processes and performance metrics to industry leaders or best practices from other industries. This comparison can help identify areas for improvement and potential growth, and provide a clear picture of where the organization stands in relation to its competitors. It can also help in setting performance goals and finding innovative methods to meet those goals.
Question was asked on:
The simplest form of benchmarking compares yourself to an industry leader and its most outstanding capabilities. This diagram visualizes that concept: the transparent part of the "our company" sphere implies capabilities that we're missing out on. The top portion of the "leading company" sphere represents the improvement potential that can be incorporated into your own organization's practices. (Slide 2)
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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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