Benchmarking is the process of comparing a process in your company with a similar process in another company (the benchmarking partner). This is done to draw comparisons between your company and your benchmarking partner. Ideally, the benchmarking partner will be: an industry standard, an industry leader, a competitor or a leader in another industry that uses a similar process.
Think of a company that you are familiar with.
- Select one of their processes and determine a benchmarking partner for that company in the same industry and a different industry. For example: if you chose the check-in process of a hotel, you may select a hotel as an industry partner and a fast food company’s order taking process as the different industry partner.
- Do you feel that benchmarking is a legitimate way of reducing cost? Why or why not? Support your answer using the company and process you selected in the first part of this assignment.