What are the different types of benchmarking, Business Management

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Problem

What are the different types of benchmarking and explain the reasons for Benchmarking?

Different types of bench marking

  • Performance benchmarking or operational benchmarking
  • Process benchmarking or functional benchmarking
  • Strategic benchmarking

Reasons for Benchmarking (any four reasons given below)

  • to achieve business and competitive objectives
  • external orientation
  • helps in developing best practices
  • time and money are saved
  • helps in developing healthy competition
  • helps an organisation to identify whether they have fallen behind in competition
  • enhances innovation

 


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