Benchmarking Essay

Question 1: What is the result and process benchmarking?
Benchmarking is the process of comparing the cost, cycle time, productivity and the quality of a specific process or method to another, that is commonly considered to be an industry standard or best practice, in order to provide a standard measurement of effective measurement within the organisation. In simpler words, it can be defined as a process of finding good practice and learning from others, and it provides a snapshot of the business performance helps to understand where you are in relation to a particular standard.
The goals of benchmarking is to identify and evaluate the current situation of a business or organisation in relation to best practice and to identify the key areas and resources of performance enhancement.
Result Benchmarking
Result benchmarking, or in other words performance or competitive benchmarking, involves a comparison of the organisational key processes, products and services to their competitors, that enables the managers to access their competitive positions through the comparisons that has been stated above. It usually focuses on the element of price, technical quality, product and services qualities, speed, reliability and others. Also, it often use the reverse engineering as the primary techniques to be applied during the result

Also, this type of benchmarking often undertake analysis through third parties, in order to protect for the confidentiality from being spread to their main competitors. By doing the analysis, the organisation itself not only could acess their performance level in the key activities as compared to their competitors, but also could searching for the possible ways to bridging the gap, especially in