The process of benchmarking, benchlearning and benchaction Available to Purchase

Benchmarking is more than giving marks. It is a way of measuring a firm’s strategies and performance against "best‐in‐class” firms, both inside and outside the industry. The aim is to identify best practices that can be adopted and implemented by the organization with the purpose of improving a company’s performance. The process of benchmarking is divided into seven phases: which functions to benchmark; importance of each subject area; whom to benchmark against; gather the benchmarking information; identify performance gaps; how to learn from the “best‐in‐class” (benchlearning); and implementation of the changes (benchaction). Benchmarking, benchlearning and benchaction is not a one‐time project. It is a continuous improvement strategy and a change management process. Thus benchmarking is a part of the total quality management (TQM) system, and it relates well to other TQM initiatives.