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Benchmarking may have negatives, but there are ways to correct them. In a benchmarking study, the United Kingdom was surveyed for problems and how benchmarking could be used to remedy these problems. There were difficulties in finding suitable partners, resource constraints, which included time, finance, and expertise, staff resistance, and at least half of the organizations surveyed experienced problems in comparing data (Limited & Massey). Furthermore, when the respondents were asked why they were not getting involved in benchmarking, they replied with: they were ignoring it, there were too many resource constraints, the data comparability was incorrect, their workforce size was too small to gain anything from it, or benchmarking was not appropriate for them (Limited & Massey).
One great advantage of benchmarking is overcoming “paradigm blindness” (SlideShare Inc. & KenHeitritter). Paradigm Blindness is “the way we do it [now] is best because it is the way we’ve always done it” (SlideShare Inc. & KenHeitritter). This paradigm blindness helps businesses to grow and advance in their markets because it promotes market awareness and innovation without incorporating other competing company’s techniques.
Benchmarking is very helpful in at least these four different and effective ways: improving performance by identifying methods of improvement in operational efficiency and product design, understanding relative cost position and identifying opportunities for improvement, gaining strategic advantage by helping companies focus on capabilities critical to building strategic advantage, and increasing the rate of organizational learning by bringing in new ideas which facilitate experience sharing (Bane & Company).
Global Benchmarking cannot bring about change in a market if the best price leaders do not follow the regulations. The best price leaders use organizational leadership to coordinate, communicate, motivate, and delegate among employees and
One great advantage of benchmarking is overcoming “paradigm blindness” (SlideShare Inc. & KenHeitritter). Paradigm Blindness is “the way we do it [now] is best because it is the way we’ve always done it” (SlideShare Inc. & KenHeitritter). This paradigm blindness helps businesses to grow and advance in their markets because it promotes market awareness and innovation without incorporating other competing company’s techniques.
Benchmarking is very helpful in at least these four different and effective ways: improving performance by identifying methods of improvement in operational efficiency and product design, understanding relative cost position and identifying opportunities for improvement, gaining strategic advantage by helping companies focus on capabilities critical to building strategic advantage, and increasing the rate of organizational learning by bringing in new ideas which facilitate experience sharing (Bane & Company).
Global Benchmarking cannot bring about change in a market if the best price leaders do not follow the regulations. The best price leaders use organizational leadership to coordinate, communicate, motivate, and delegate among employees and
Cited: Bane & Company and all relative sources www.bain.com/publications/articles/management-tools-benchmarking.aspx BusinessManagementDaily; Capitol Information Group, Inc. http://www.businessmanagementdaily.com/leaders-managers/best-practices-leadership Limited & Massey University, Business Performance Improvement Resource. http://management.about.com/gi/o.htm?zi=1/XJ&zTi=1&sdn=management&cdn=money&tm=15&f=10&su=p1173.2.182.ip_p284.13.342.ip_p554.23.342.ip_&tt=2&bt=7&bts=7&zu=http%3A//www.bpir.com/benchmarking-what-is-benchmarking-bpir.com.html SlideShare Inc. and KenHeitritter http://www.slideshare.net/KenHeitritter/advantages-of-benchmarking