The process of identifying other organizations that are best at some facet of your operations and then modeling your organization

Question

The process of identifying organizations that excel in specific aspects of your operations and then modeling your own organization after them is known as what?

Mose Bernier · Accepted Answer

BenchmarkingExplanation: Benchmarking in business is a form of comparison done to enable excellence in performance. Benchmarking is done by comparing your organization with another organization doing something similar to what your doing: but they are better at it than you. Analysing their mode of operation and learning from it.

Mya Lehner III · Answer

C Explanation:Benchmarking is a process of comparing the performance of a company’s products and services against those of another company which is considered to be the best. The essence of benchmarking is to identify more opportunities for improvement. When companies with superior performance are analysed and then compared with your business, you can implement changes that will bring about significant improvements in your business.That might involve changing a product’s features to closely match a competitor’s offering, or changing the method of services offered, or even rebranding the customer relationship management system to enable better communications with customers.

Anonymous · Answer

E. benchmarkingExplanation: Benchmarking is used to identify internal opportunities for improvement by identifying other organizations that are best at some aspects of your operations, studying and breaking down what makes those organizations perform better and then aiming to implement changes in your company in order to achieve the same standards of the analyzed organizations.

Anonymous · Answer

The correct answer is letter "C": benchmarking.Explanation:Benchmarking is the continuous process by which products, services or processes of leading companies are taken into consideration to compare them to the firm carrying out the study and ultimately improve and implement them. Benchmarking is not about copying what other firms are doing but learning what leading companies are doing so those practices can be adapted to another organization. There are three types of benchmarking: competitive, inner, and functional.

Prof. Doug Homenick · Answer

The correct answer is letter "E": benchmarking.Explanation:Benchmarking refers to a study a company makes of the best performers of its industry in an attempt to identify their strategies so they can be compared to the ones of the firm conducting the research. The comparison aims to spot improvement areas and to adapt the good practices according to the business operations. Benchmarking should be conducted periodically by institutions that attempt to keep up to the pace of leading competitors.

Anonymous

The process of identifying other organizations that are best at some facet of your operations and then modeling your organization

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