How could Benchmarking be effectively used to achieve competitive advantage? Provide an example.
Benchmarking is a systematic method by which organizations can measure themselves against the best industry practices. Organizations systematically search for best practices, innovative ideas and highly effective operating procedures. Once the search is completed then they measure themselves against them and decide to achieve it or implement such procedure. The following are the steps in benchmarking:
1. Decide what to benchmark
2. Understand the current performance