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.....competitive business environment, benchmarking is an essential step in staying ahead of the competition while also addressing internal weaknesses and threats. Business benchmarking processes were first formalized by the Xerox Corporation in 1979 (Kelessidis, 2000). Formalized benchmarking involves picking specific performance measures or factors, analyzing competitors, comparing one's own performance on those measures with competitors, and making adjustments accordingly. However, informal benchmarking has long been a part of business operations because of the natural need for business owners to take stock of what competitors might be doing better. Some of the key purposes of benchmarking from a business perspective include generating ideas for improving processes, identifying new methods of reducing costs or increasing profits, and techniques for strengthening customer loyalty and satisfaction (Reh, 2017).Benchmarking can be used by any business in any sector, and on any performance outcome. In a workplace environment or at a university, benchmarking involves first paying attention to internal activities and business processes and then using an external standard or point of comparison ("Benchmarking," n.d.). Therefore, benchmarking is not just a matter of internally assessing performance as in whether or not enrollments of minority students went up since five years ago...
Benchmarking is about comparing those specific performance outcomes with those in other companies or organizations that are recognized as industry leaders or top competitors. There is no use benchmarking against lower performers, because the goal of benchmarking is to reach the status of industry leader or to maintain status as industry leader.
In any workplace environment, benchmarking can be used for improving human resources and organizational culture. For example, benchmarking can show what competitors are doing to attract and retain top talent. The benchmarking process should reveal specific methods of attracting and retaining top talent, encouraging changes to internal human resources behaviors. Benchmarking is largely a quantitative and empirical process allowing organizational decisions to be based on measurable outputs.
Human resources managers can learn how to create better incentives for employees based on benchmarking reports. Similarly, marketing departments can use benchmarking to review strategies that are working for other companies. Benchmarking can include forms of espionage, as it is important to closely observe what competitors are doing at every level of business operations in order to understand what they are doing right. The results of a benchmarking process…
Benchmarking Opportunities and Challenges of benchmarking The first question to be asked is what benchmarking can do for any organization. The process of benchmarking permits the entire organization to identify, share and use the knowledge that exists within the organization as also the best practices prevalent within the organization. The attempt is to concentrate on improving the situation of any business unit and not to just measure the best performances that have
Benchmarking Keyloggers for Gathering Digital Evidence on Personal Computers Keyloggers refers to the hardware or software programs, which examine keyboard and mouse activity on a computer in a secretive manner so that the owner of the computer is not aware that their actions are monitored. The keyloggers accumulate the recorded keystrokes for later recovery or remotely convey it to the person employing them. Keyloggers aimed to serve as spyware and currently
Strategy and Leadership: The Importance of Leadership in Strategy Implementation Strong leadership as Lussier and Achua (2009) point out is regarded one of the most critical strategy implementation tools. In that regard, therefore, the relevance of proper and sound leadership in organizational strategy implementation cannot be overstated. This is particularly the case given that the implementation of strategy remains one of the most critical components of the process of strategic management. From
Internet has grown exponentially since its first introduction to the public. The precursor to the Internet was the ARPANET. The Advanced Research Projects Agency (ARPA) of the Department of Defense (Carlitz and Zinga, 1997) and the National Science Foundation (NSF) were the primary creators of the ARPANET. Subsequently however, efforts from private entities and universities have helped develop the network infrastructure, as it exists today. "The goals of ARPA's
Steps were also taken to organize a stock market in Lahore (Burki, 1999, pp.127-128). Also organized during this period were the Pakistan Industrial and Credit Investment Corporation (PICIC) and the Industrial Development Bank of Pakistan (IDBP), both of which were important to industrial development, obtaining "large amounts of capital from the World Bank, the former for investment in large industries, the latter in relatively smaller enterprises" (Burki, 1999, p. 128). This
Benchmarking Discuss the importance of aligning human resource processes with business strategy. HR strategy has to align with business strategy in order to enable the growth of a business. This in turn allows employee performance to improve, lowering the overall cost of doing business. When employee performance is decreased, this may cost the organization more in turnover, absenteeism, and other expenses associated with dissatisfaction or inefficient operations. HR strategy is not just