Basic concepts of benchmarking
Definition Benchmarking is a systematic, continuous process for measuring, evaluating, and comparing business practices against recognized leaders to determine the extent to which you can improve your organization's performance.
Benchmarking is a systematic, continuous process for measuring, evaluating, and comparing business practices against recognized leaders to determine the extent to which you can improve your organization's performance.
It is most useful as a first step in creating the recognition that change and improvement are possible or needed and when trends, rather than just absolutes, can be studied.
- Internal benchmarking -- comparing processes within a company
- Competitive benchmarking -- comparing processes with a competitive company
- Function benchmarking -- comparing a function (e.g., maintenance) in one plant or company with the same function elsewhere
* Generic benchmarking -- comparing processes with an "unrelated" organization recognized for innovation or a specific expertise
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Annual Salary Survey
Before the calendar turned, 2016 already had the makings of a pivotal year for manufacturing, and for the world.
There were the big events for the year, including the United States as Partner Country at Hannover Messe in April and the 2016 International Manufacturing Technology Show in Chicago in September. There's also the matter of the U.S. presidential elections in November, which promise to shape policy in manufacturing for years to come.
But the year started with global economic turmoil, as a slowdown in Chinese manufacturing triggered a worldwide stock hiccup that sent values plummeting. The continued plunge in world oil prices has resulted in a slowdown in exploration and, by extension, the manufacture of exploration equipment.
Read more: 2015 Salary Survey