term1 Definition1term2 Definition2term3 Definition3
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Def
Process of comparing a companies processes against those of comparable processes in leading organisations to obtain info to help firm identify and implement improvements.
Benefits
More receptive to new ideas
Identify problem areas
Create opportunities for improvements
Instil sense of competitiveness
Identifies best practice
Improves yield
Limitations
Difficult, expensive and time consuming process
High level of commitment
Must be an on going process
Difficult to find comparable bench partners
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