Benchmarking is definitely useful for all organizations as it allows one to identify where they fall compared to the competition or market. Benchmarking is not a common term in my place of employment, but the definition of benchmarking is always used to better the organization. If this practice is not used by an organization, I believe it could cause a company to become complacent and as leaders it requires them to take their organization to the next level and it starts with evaluating your organization compared to others.

Question

Social Studies

Noodle

29 December, 06:09

Benchmarking is definitely useful for all organizations as it allows one to identify where they fall compared to the competition or market. Benchmarking is not a common term in my place of employment, but the definition of benchmarking is always used to better the organization. If this practice is not used by an organization, I believe it could cause a company to become complacent and as leaders it requires them to take their organization to the next level and it starts with evaluating your organization compared to others.

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Reyna Wilkins · Answer 1

Answer: Benchmark could be anything and not necessarily called"benchmarking"

Explanation:

Benchmarking has to do with evaluating business processes and performance metrics and setting it comparison withto industry standards or best practices. Measurement could be quality,

time, cost, effeciency and other figures that may come in. Depending on your company and the industry it falls under, anything could serve as a bench mark and does not necessarily need to be used as measurement term in the organization frequently. Benchmark could simply be replaced with "performance" for instance.