Best Practices And Benchmarking Analysis - 1011 Words

Albany State University Best Practices and Benchmarking Jonatan Galan Business Internship 1 3100.01 Ms. Tracy Williams September 03, 2016 Best Practices and Benchmarking Benchmarking is the process of analyzing and comparing one’s business processes and performance measurement by looking at industry ideal and best practices from other companies. This process of obtaining a measure is a way of examining and discovering what is the best production being achieved whether in a particular industry, company, competitor or a different business. It is a way of examining how others achieve their performance level and understand the processes and steps they use. This dimensions usually measures quality, time and cost using a specific indicator resulting in a metric performance that is going to be compared to others. The application of this practice usually involves four key steps: Understand in detail current business processes, Analyze the business procedures and process of others, compare/contrast own business performance/production with the others analyzed and implement the steps necessary to close the performance gap. There are four primary types of bench marking: functional, internal, competitive and generic. Functional benchmarking is the process of comparing to similar or identical practices within the same functions outside the instant industry. This practice provides trend information regarding the industry and shows quantitative comparisons. 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