For this group of respondents, about 47% indicated that their organizations do not measure the financial impact of benchmarking and 30% indicated that they do not know the impact.
The results from APQC's survey on the use of benchmarking indicate that supply chain functions tend to be ahead of other functions with regard to using benchmarking to drive business decisions.
Benchmarking is the process of measuring an organization's internal and external processes that identifies, considers, and adopts outstanding practices from other organizations considered to be the best in the class.
Development of benchmarking is on the grounds of comparison of an organization process or products with those identified as the best practice.
Applying
Benchmarking to Higher Education: Some Lessons From Experience.
However, benchmarking is not about imitating another organization.
This idea of a benchmarking process is closely related to organizational change.
Jackson and Lund, cited by Andreescu et al (2009) defined also benchmarking as being "a learning process structured so as to allow those involved to compare their own services / activities / products, in order to identify the strengths and weaknesses in order to improve them" (p.
Miron et al (2011) considered that benchmarking is a "special type of quality management instrument being included in the SR EN ISO 9004-4:1998 standard, Quality management and elements of the quality system, part IV: Guide for improving quality" (p.
Then, department-level
benchmarking would help identify the specific units that may be undersized.
Davis (1998) suggested that there are multiple approaches to seek public value from benchmarking, responding to his research on British local governments.
Part of the answer stemming from the dichotomy between excellence and satisficing can be found in the work of Ammons (1999), which provided the foundation for a proper mentality for benchmarking. The desire to join benchmarking consortiums should not come from the desire to be best in class.
New York City has given US Energy Group approval to use the USE Manager
benchmarking certificates as proof of compliance.
Advisers, especially those who already benchmark their clients' plans regularly, have a real opportunity, through 408(b)(2), to promote their value to sponsors, because they can promote their past experience in benchmarking and their knowledge of the marketplace.
The process of benchmarking actually begins before the benchmarking begins.