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One of the keys to success in benchmarking is connected to selecting the right benchmarking partners and learning from the best in class organizations. However, the process required in the selection phase is a very complex one which needs to have the proper time and resources allocated.
All businesses are in a continuous search for processes and quality improvements that will eventually lead them to achieving a superior level of performance in their activity.
A benchmarking study can provide several benefits, including a set of measures for assessing the performance and a baseline from which to measure improvements. In order to achieve these, one should be aware and choose the proper method and tools for conducting the benchmarking study.
Some years ago, the Google team has launched a new feature for Google Analytics, benchmarking, which is considered to be an innovative and valuable tool. Benchmarking tools allow website comparison for determining a company’s performance against similar websites, based on a set of various metrics and dimensions.
Manufacturing companies need to constantly determine which areas need improvement in order to remain competitive on the market. Hence, organizations often benchmark their performance against other organizations’ performance and determine performance gaps. Moreover, there are top performance companies that have not only improved their competitiveness due to benchmarking studies, but have also gained a top place and became a benchmark for the entire industry they belong to.
Competitive studies are conducted in the automotive industry mainly for design features and functionality. Automotive manufacturers always seek to fulfill customer needs and exceed their expectations through product offers that would overtake the ones already available in the market.
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