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Hi, I need help with essay on Benchmarking. Paper must be at least 3500 words. Please, no plagiarized work!Download file to see previous pages... Benchmarking is used to compare the processes of one b
Hi, I need help with essay on Benchmarking. Paper must be at least 3500 words. Please, no plagiarized work!
Download file to see previous pages...Benchmarking is used to compare the processes of one business to the best of the industry or to the best practices from other industries. There may be many dimensions that are measured such as quality, cost and time as per the performance of the business. In the business world, this process of benchmarking is used as a tool to improve and compete with the other better business practices. The management of the business uses the results of comparing their practices with others, and then they evaluate their performance, and how they are achieving their targets to be successful than the others. Performance can be measured in benchmarking using indicators which measure cost per unit, productivity per unit of measure, defects per unit of measure and these results in a performance metrics which is used to compare to the others. Mostly this process of benchmarking is used in strategic management. It helps the organizations to evaluate their process in comparison to the other companies with best practices. It allows the organizations to plan their goals and targets to make improvements and enhance their own practices to increase business performance. Benchmarking is seen as an important process as it continually allows organizations to improvise and enhance their practices. Sustainability in the process of benchmarking: The term sustainability is used in many contexts generally, but when we talk about sustainability in the process of benchmarking, it refers to the sustainable practices which improve business performance. Sustainability allows businesses to carry out practices and strategies in a way that are long lasting and do not have a negative impact in the long term future of the business. There are many decisions and strategies that the business uses up at different stages of its growth, yet there are some important and constant strategies on which each and every practice is based. Once the business starts operating, it has some strategies which are continually being followed by all the members and it soon becomes the organization culture, in accordance to which every decision is made. However, there are some decisions and goals that are temporary or for a short term only such as for a specific project, or in businesses where the nature of work changes according to the projects given. Such decisions are not counted in the measurement of sustainability nor are they important in benchmarking. A sustainable decision or target is that which is long term and influences the performance outcomes of the business. A business will be termed as sustainable when it applies practices that have a positive impact on the environment, its chain practices and the strategic development. A sustainable business is the one which can rely on its practices to overcome any problems occurring in the future (Moore, .2008, p. 37). Benchmarking sustainability thus, refers to the processes of the business set out by the management of the business in order to make sure they are better than the other businesses in the industry. Benchmarking sustainability is to ensure decisions, actions, plans and strategies that asses the improvement of the business in comparison to others. It talks about the competitive strategies and decisions taken after the process of benchmarking to improve the level of practices in the businesses.
