Benchmarking of Best Practices
Benchmarking serves as a way to look at your competition or industry and the have a means of comparison against something else. Benchmarking is an essential function to conducing business. Let's think about it for a moment. If you want to succeed in business that you must be able to establish a way to determine when you are successful and when you are not. And, if we recall from our readings this week, benchmarking can also be performed within an organization's departments, to see what different internal groups are doing. Which brings up a question, what might companies be looking to benchmark internally?