Firms can use benchmarking process to achieve improvement in diverse range of management functions.…
Firms can use benchmarking process to achieve improvement in diverse range of management functions.” Elucidate.
Benchmarking is a process of finding the best practices within and outside the industry. It helps in setting standards and finding ways to match own performances with the best performances in the competitive market.
It always focuses on continuous improvement in search for competitive advantage.
Every firms can use benchmarking process to achieve improvement in diverse range of management function such as follows:
• Maintenance operations,
• Assessment of total manufacturing costs,
• Product development,
• Product distribution,
• Customer services,
• Plant utilisation levels; and
• Human resource management.
