Benchmarking Paper
Introduction
This paper talks about the application of benchmarking in a business or organization. It is a tool that allows businesses to recognize opportunities for improvement. “Benchmarking is the process of determining who is the very best, who sets the standard, and what that standard is.” (Reh 2014). By applying process analysis we will identify the various ways and which type of benchmarking technique to use.
Advantages of the different types of Benchmarking
If we compare the pros and cons, the advantages of benchmarking overshadow the disadvantages. One of the major advantages of benchmarking enables organizations to outperform their competition. It also should inspire new ideas and put organizations in an improvement …show more content…
The danger of complacency and arrogance is another disadvantage of benchmarking. This happens because organizations get complacent after excelling beyond competitors ' standards. If the organization is not clear what benchmark they are trying to compare, this will lead to poor results.
An organization that is popular that could potentially benefit from benchmarking is Starbucks. From the very beginning Starbucks set out to be a different kind of coffee company. “We make sure everything we do is through the lens of humanity – from our commitment to the highest quality coffee in the world, to the way we engage with our customers and communities to do business responsibly.” (Starbucks Corporation 2016). Sales results prove why Starbucks remains the best bet among large quick-serve restaurants. Other than sales growth, Starbucks continues to boost profits. McDonald 's, Dunkin ' Brands, and Krispy Crème are the best competitor and offer similar food items but Starbucks is eating its competitor’s breakfast, lunch, and soon happy hour. That’s right, in addition new lines of soda, Fizzio, and teas, Starbucks will move forward with its Happy Hour. “Starbucks will offer alcoholic beverages, including beer and wine, …show more content…
It is not recognized that internal benchmarking applies to organizations with fewer than three practitioners. Four Categories benchmarking metrics usually can be classified in; that is productivity, quality, time and cost-related. “The benefits of internal benchmarking are that it is cost effective; that it is easy to gain access to all the information required; and that it does not require you to share practice information with outside parties.” (Becker 's Healthcare
Introduction
This paper talks about the application of benchmarking in a business or organization. It is a tool that allows businesses to recognize opportunities for improvement. “Benchmarking is the process of determining who is the very best, who sets the standard, and what that standard is.” (Reh 2014). By applying process analysis we will identify the various ways and which type of benchmarking technique to use.
Advantages of the different types of Benchmarking
If we compare the pros and cons, the advantages of benchmarking overshadow the disadvantages. One of the major advantages of benchmarking enables organizations to outperform their competition. It also should inspire new ideas and put organizations in an improvement …show more content…
The danger of complacency and arrogance is another disadvantage of benchmarking. This happens because organizations get complacent after excelling beyond competitors ' standards. If the organization is not clear what benchmark they are trying to compare, this will lead to poor results.
An organization that is popular that could potentially benefit from benchmarking is Starbucks. From the very beginning Starbucks set out to be a different kind of coffee company. “We make sure everything we do is through the lens of humanity – from our commitment to the highest quality coffee in the world, to the way we engage with our customers and communities to do business responsibly.” (Starbucks Corporation 2016). Sales results prove why Starbucks remains the best bet among large quick-serve restaurants. Other than sales growth, Starbucks continues to boost profits. McDonald 's, Dunkin ' Brands, and Krispy Crème are the best competitor and offer similar food items but Starbucks is eating its competitor’s breakfast, lunch, and soon happy hour. That’s right, in addition new lines of soda, Fizzio, and teas, Starbucks will move forward with its Happy Hour. “Starbucks will offer alcoholic beverages, including beer and wine, …show more content…
It is not recognized that internal benchmarking applies to organizations with fewer than three practitioners. Four Categories benchmarking metrics usually can be classified in; that is productivity, quality, time and cost-related. “The benefits of internal benchmarking are that it is cost effective; that it is easy to gain access to all the information required; and that it does not require you to share practice information with outside parties.” (Becker 's Healthcare