Companies benefit today from interfirm cooperation. One of the ways they cooperate is through networking. Another way is by seeking technological knowledge and new processes from exemplary firms sometimes outside their own industries. This is called

Question

Business

Rigoberto Weeks

7 January, 21:41

Companies benefit today from interfirm cooperation. One of the ways they cooperate is through networking. Another way is by seeking technological knowledge and new processes from exemplary firms sometimes outside their own industries. This is called

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Answers (2)

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Ansley Clarke · Answer 1

Seeking technological knowledge and new processes from exemplary firms sometimes outside their own industries is called Generic Benchmarking

Explanation:

Benchmarking is a word that is synonymous with "standard". It is a yardstick used to improve performance and processes as well as create new standards.

there are four types of benchmarking. they include

internal benchmarking competitive benchmarking functional benchmarking generic benchmarking

The type that suits the question is generic benchmarking.

Generic benchmarking seeks technical knowledge from unrelated business and new processes or functions that can be practiced in the same or similar ways regardless of the industry.

Generic Benchmarking will highlight method of comparing the performance and processes of organizations in unrelated industries.

Adan Krause · Answer 2

Benchmarking.

Explanation:

Benchmarking is the process by which a company compares it's processes with best practices of other companies with an aim of maintaining industry best standards in operating.

The four types of benchmarking are internal, competitive, functional and generic.

So companies by seeking technological knowledge and new processes from exemplary firms sometimes outside their own industries are engaging in benchmarking.