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Benchmarking
TodayÂ’s business world is hyper-competitive. As such, organizations are working to garner even the smallest competitive advantage they can, in order to be more successful in their industry. Benchmarking has allowed organizations to study the processes and procedures being utilized by world-class organizations, and then transform them into strategies their own organization can use, for increased competitiveness.
This paper will discuss what benchmarking is and how it is used to improve an organizationÂ’s performance. In addition, the limitations of benchmarking will be discussed. And, finally, the strengths and weaknesses of benchmarking, in relation to control and motivation theories, will be overviewed.
