For supply chain organizations that have not yet embraced benchmarking as a regular way of assessing their performance and practices, the results of APQC's survey provide lessons on what to aim for and pitfalls to avoid.
It is the world's foremost authority in benchmarking, best practices, process and performance improvement, and knowledge management.
2.2 Concept of Benchmarking in the Perspective of SMEs Growth
Benchmarking is a tool to increase performance, efficiency, and competitiveness of institute in the stages of business life.
In addition, a well-defined benchmarking process with solid metrics allows an organization to predict trends in its business sectors and to forecast potential areas of strengths and weaknesses.
Finally, a well-defined benchmarking process allows for rational institutional goal setting, particularly in establishing the best feasible systems and practices.
Benchmarking is the method where one can look outside its own organization or from outside of the organization to the inside of the organization in order to find, introduce and raise the performance.
Instead, the sectorial benchmarking (according to Andreescu et al, 2009, p.
Moreover, organizational variables can even become more pronounced in benchmarking initiatives when municipalities are coming from different counties with different organizational characteristics as described by Kuhlmann and Jakel (2013).
Another study in Europe found that local governments located in the United Kingdom and Germany as well as other OECD counties were very involved in benchmarking activities (Bovaird and Loffler, 2002), noting that process benchmarking, which is similar to best practice benchmarking, is different than results benchmarking, which is similar to comparison of performance statistics as benchmarks.
When benchmarking investment managers and recordkeepers, do not just look at the numbers.
Benchmarking can be a powerful tool for also assessing the way a vendor will offer its services and relate to a plan's fiduciaries and participants.