Now a days every organisation faces various types of competition from their competitor. In this era of globalisation every one trying to go towards cost competitiveness. So here various cost effective tool is used by the organisation in this world.
Among various tools Benchmarking is one of the most effective and acceptable.Benchmarking is a process used by entities to target key areas for improvements. This becomes very necessary in globally competitive environment to sustain and enhance performance.This is taken up by entities as a continious process of measuring their function, process, products and services aganist competition.
The international Benchmarking Clearing House a service of American productivity and quality center defines it as:
"A process in which companies target key improvements areas within their organisation ,identify and study best practices by others who are best in these areas an implement new process and system to enhance their own productivity and quality.
companies in India are investing millions of rupees on new technologies, new manufacturing process & system, research & development, vender development, education & training. These companies need not know in advance the benefits derived from these investments.There must be Benchmarking system in place to monitor and analyse the strategies as they unfold. So that control is maintained and cost remains on target.
They need to know:-
- The effect of changes.
- Alteration to their plans.
- Their current costs.
- What they will be in new future.
Thank you.
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