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Our working definition of benchmarking for
management is
‘a formal and systematic process
of continuous learning by users from the collective
experiences of comparable businesses’.
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The
motive for this learning is to gain an advantage
in the interpretation and use of integrated technical,
economic, environmental and social knowledge.
When undertaken carefully, the benchmarking process
provides a tangible link between strategy, operations
and competitive advantage. This knowledge is instrumental
to both the search for best production and processing
practices and the implementation of actions which
lead to superior performance.
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We
share the view that benchmarking data needs to
be treated with caution to ensure comparable firms
and environments are being considered and appropriate
adjustments made when they are not strictly comparable.
A fair bit of common sense is needed in the interpretation
of data. |
