Your manager mentioned that benchmarking was a powerful tool for business. You were asked to research it and submit an executive summary on the technique. Be sure to explain what it is, the advantages and disadvantages and your personal opinion of its applicability. how would you apply financial benchmarking to the factory.
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Benchmarking – Survival strategy or means of differentiation
Globalization and liberalization has led to an increase in the competitiveness amongst companies and they are increasingly trying to match and exceed their offerings with competitor’s offerings. Customers are becoming more demanding and they do not wish to settle for less. They seek multiple benefits from a single product and this has increased the pressure on companies to innovate and consistently add value to their offerings. There are many tools which can be used. One of the most important tools is benchmarking. The process of benchmarking has been on a rise globally as shown below in the diagram....
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