Gretchlie Clemente Fernandez

INGL 3116- UN1

Prof. Graham
Benchmarking
So what is benchmarking?
Webster defines a benchmarking as the study of a competitor's product or business practices in
order to improve the performance of one's own company. In order to do benchmarking one
requires a benchmark, that is, a point of reference from which measurements may be made.
The benchmarking has three main functions:
1. Measure your business performance
2. Compare your business to competitors
3. Identify areas the need improvement
There are five basic stages or phases associated with benchmarking:
a. Performance measuring: This phase helps you determine you current performance.
b. Planning: During this phase you will want to define the issues or critical success factors
that if addressed will have the greatest potential for improvement and impact.
c. Study deployment: In this phase you will construct the questions for the study.
d. Gap analysis: This phase is focused on locating, understanding and interpreting the gaps
that emerge from the data compared to your performance for that process or capability.
e. Action: create a plan of action that will help your organization toward decreasing the gap
and achieving the results.

Six steps to successful benchmarking
1. Identify what you're going to benchmark
2. Identify your competitors
3. Look at trends
4. Outline objectives
5. Develop an action plan for your objectives
6. Monitor your results and implement an action plan