Value of Benchmarking

Benchmarking is not only a concept but it is a proven tool adopted through management extremely successfully. Benchmarking not only improves the performance but also brings the value addition. The value addition could be in the form of the following:

• Helps identify and facilitate sharing of key performance factors for peer organizations.
• Evaluates performance measures and goal-setting as it relates to key stakeholders like customers, regulators, investors, government and others.
• Encourages collaboration on the development of industry performance measurements.
• Although organization could benefit from a single quality practice, the impact of moving from "Conformance" thinking to "performance" thinking yields dramatic business improvements.