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What does benchmarking do?
compares continuously an aspect of organization's performance with the best-in-class performance
What are the four kinds of benchmarking?
- competitive benchmarking
- process benchmarking
- strategic benchmarking
- internal benchmarking
What are the 5 phases of benchmarking?
1) selection of business processes to be benchmarked
2) organization of benchmarking teams
3) researching and finding best-in-class performance
4) data analysis (gap analysis)
5) implementation of process changes
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