Benchmarking is defined as: the search for industry best practices that lead to superior performance. Benchmarking is not just about finding a best practice by some means, the methodology of benchmarking (or approach, strategy, framework or whatever called) plays crucial role in defining the end results, i.e. the best practice which leads to superior performance.
For an organisations that wants to achieve “industry best practice” it should consider using a Formal Benchmarking approach using a benchmarking methodology (such as the TRADE methodology) combined with the use of Informal Benchmarking which can involve more people in the change process but is less rigorous.
The Global Benchmarking Network (GBN) launched the Global Benchmarking Award in 2012 with the winner being Watson Real Estate (New Zealand). In 2013 the winner was the Knowledge and Human Development Authority (United Arab Emirates). For videos on these award winning organisations go to www.globalbenchmarkingaward.com.
The 3rd Global Benchmarking Award will be held at the 9th International Benchmarking Conference, 3/4 December 2014, Orlando, Florida.
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