This is a reprint but a great read…….. small business innovation and performance management data sources include benchmarking….when do you take innovation beyond the known data and metrics? Filed under governance and leadership.
Excerpt….Benchmarking is the systematic process of comparing business processes and performance metrics to industry best practices in terms of quality, time, and cost dimensions, and making such comparisons the basis to do things better, faster, and cheaper.
First introduced by Xerox Corporation in the mid-1990s, benchmarking is a key tool of business performance management and finds use by enhancing the competitiveness of the organization. It enables organizations to outperform competitors, opens minds to ideas from new sources, and places the organization in a continuous improvement mode. It goes beyond competitive analysis to understanding not just the competitor’s output, but also the process of obtaining such output.
Read full article……via Advantages and Disadvantages of Benchmarking. From Bright Hub