Why Benchmarking is needed by an organzation?
For companies to stay at the top, benchmarking is very necessary. Bench marking is needed to cope up with the changes in the demographics, politics, economy and technology. A change in any of the factors will have a direct impact on the business practices and so will have an effect on the benchmarking practices.
Benchmarking has also become necessary as most of the businesses are running according to the demographic conditions. Benchmarking helps the company to know about the changing social trends which creates new demands in the market place along with a lot of new opportunities that are of great significance for the business. The changes in the social front, also known as family tells about an increase or decrease in the number of members in the house or when both parents have started working helps the company to see what the top leaders in the market are setting up as their practices to meet the new requirements of the market.
Government and politics play a major role in the business activities of a company, or we can also say that government and politics have a great influence on a company’s operations and practices. Today they are considered as one of the key issues in making strategy and planning. By benchmarking the practices related to politics and government companies can deal with the changes in a better way.
Companies must also consider changes like, the change in technology as it advances by time; and the different trends set by managers that directly affect the needs, the desires and perceptions of the consumers, on whom the existence of whole organization depends. Companies should not focus entirely on the product or services for benchmarking. They should also try to explore the tangible and the intangible factors too, which when combined produces a superior performance for the company. By benchmarking the practices related to technological changes and advancement companies can keep themselves updated.
Therefore, it would not be wrong to say that benchmarking is itself a process where it helps the company to identify, compare with and then imitate the best practices wherever it occurs in the world in any organization.
Next a company needs to consider is when it should do benchmarking and where benchmarking would fit. Due to globalization and other factor companies today face tough competition and their main focus now a day is on individual customers due to their unique characteristics, unlike the past when the focus was only on the marketing activities and the customers were ignored. The concept of the quality has also changed a lot since then, as it has become something which can be controlled by the organization than the elements in their goods and services.
To stay ahead in the competition and win customer’s heart and make an impression on their minds, a company needs to give a look at its processes. If a company has given its processes a look, and has improved them internally within the framework of their organization, then that company does not need to do benchmarking. But on the other hand, if the organization has attempted to make improvements in the company and have found that their success is bound by the paradigm in which the company operates in, then benchmarking can help the company by pointing out a direction, guiding them to study and keeping track of the processes being used by the leading companies. This helps the companies to become aware and use the processes that will be beneficial for them.
Companies usually go for benchmarking when they see a change in trend. For this, the companies need to see how the top leaders of the industry are coping up with the changes in trend, technology, social upfront and political alterations and modifications.
For companies to stay at the top, benchmarking is very necessary. Bench marking is needed to cope up with the changes in the demographics, politics, economy and technology. A change in any of the factors will have a direct impact on the business practices and so will have an effect on the benchmarking practices.
Benchmarking has also become necessary as most of the businesses are running according to the demographic conditions. Benchmarking helps the company to know about the changing social trends which creates new demands in the market place along with a lot of new opportunities that are of great significance for the business. The changes in the social front, also known as family tells about an increase or decrease in the number of members in the house or when both parents have started working helps the company to see what the top leaders in the market are setting up as their practices to meet the new requirements of the market.
Government and politics play a major role in the business activities of a company, or we can also say that government and politics have a great influence on a company’s operations and practices. Today they are considered as one of the key issues in making strategy and planning. By benchmarking the practices related to politics and government companies can deal with the changes in a better way.
Companies must also consider changes like, the change in technology as it advances by time; and the different trends set by managers that directly affect the needs, the desires and perceptions of the consumers, on whom the existence of whole organization depends. Companies should not focus entirely on the product or services for benchmarking. They should also try to explore the tangible and the intangible factors too, which when combined produces a superior performance for the company. By benchmarking the practices related to technological changes and advancement companies can keep themselves updated.
Therefore, it would not be wrong to say that benchmarking is itself a process where it helps the company to identify, compare with and then imitate the best practices wherever it occurs in the world in any organization.
Next a company needs to consider is when it should do benchmarking and where benchmarking would fit. Due to globalization and other factor companies today face tough competition and their main focus now a day is on individual customers due to their unique characteristics, unlike the past when the focus was only on the marketing activities and the customers were ignored. The concept of the quality has also changed a lot since then, as it has become something which can be controlled by the organization than the elements in their goods and services.
To stay ahead in the competition and win customer’s heart and make an impression on their minds, a company needs to give a look at its processes. If a company has given its processes a look, and has improved them internally within the framework of their organization, then that company does not need to do benchmarking. But on the other hand, if the organization has attempted to make improvements in the company and have found that their success is bound by the paradigm in which the company operates in, then benchmarking can help the company by pointing out a direction, guiding them to study and keeping track of the processes being used by the leading companies. This helps the companies to become aware and use the processes that will be beneficial for them.
Companies usually go for benchmarking when they see a change in trend. For this, the companies need to see how the top leaders of the industry are coping up with the changes in trend, technology, social upfront and political alterations and modifications.