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BENCHMARKING

Benchmarking measures a company’s processes and success against its competitors. It involves:

• setting goals and selecting a competitor
• collecting information on different aspects of the business and how the competitor does them
• analyzing the collected data to understand any shortcomings
• implementing changes, and monitoring results.

The benefits of Benchmarking are:

• detailed competitive analysis
• ongoing performance monitoring and improvement
• goal setting and achievement and employee engagement.