Benchmarking Flashcards
1
Q
What are the 3 types of benchmarking?
A
Internal
Competitor
Process/activity (not direct competitor)
2
Q
What are the drawbacks of competitor benchmarking?
A
It can be difficult to persuade competitors to share information, they may want something in return
Only information that is publicly available can be obtained, which will focus on strategic rather than operational areas
It will not identify HOW to gain a competitive advantage
3
Q
What are the advantages of benchmarking?
A
Encourages continuous improvement
Identifies gaps in performance
Sets targets which are challenging but achievable
A method of learning from the success of others
