INNOVATIVE - BENCHMARKING Flashcards
What is benchmarking
Benchmarking is the process of identifying high level performance and comparing that to the actual results a company achieves in order to improve outcomes.
what does benchmarkeing include
Identifying elite performance
Analysing the results achieved and the strategies used to achieve them
Comparing actual results against elite performance targets
Brainstorming ways to improve results
Implementing new strategies to improve performance
What are different types of benchmarking
Strategic benchmarking - identifying the long term strategies to elite performance
Performance benchmarking - Identifying the specific results achieved by competitors (more useful to do this with companies in the same industry as you)
Functional benchmarking - Identifying the key strategies employed in successful departments
Internal benchmarking - comparing performance across branches/ departments
What are the pros of benchmarking
Encourages investigation into elite performance
Raises aspirations
Encourages critical thinking and self reflection
What are the cons of benchmarking
Inter Industry comparisons may be unrealistic
MAy encourage copying rather than innovative thinking
Time consuming
