Using benchmarking data, firms may determine the best ways to utilize employee potential, how to organize activities so that both employees and management can complete them easily, and what elements of the organizational procedures can be eliminated.
By adapting what they have learnt to their own processes, companies use benchmarking to identify the best practices, learn from them, and grow (Kalder, 1997). By benchmarking, businesses can take stock of their existing status and forecast where they will perform going forward.
Benchmarking compares and evaluates performance in order to achieve continuous improvement; as the NCVO says, it focuses on internal processes rather than outputs. Through benchmarking, businesses can assess their performance against that of rivals, identify areas for improvement, and determine what lessons can be learned from others.
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