From the course: Operations Management Foundations
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Improving quality: Benchmarking
From the course: Operations Management Foundations
Improving quality: Benchmarking
- Former Intel CEO, Andy Grove, loved to say, "Only the paranoid survive." That quote tells us a lot about the never ending competitive nature of business. Companies should strive to be the best, but to be the best, companies often want to know where they stand and what others might be doing. It's no wonder that benchmarking is such an important part of many businesses. Benchmarking is a process of comparing and measuring your company's processes and systems against the processes and systems of others. Sometimes people will also use benchmarking as a means to discover another company's best practices. How does it work? Well, usually benchmarking is a four-step process. First, identify the process you want to benchmark. Benchmarking is not an overall company-to-company comparison. It's very specific. Second, identify the leader or leaders. Which company's processes will you compare your process to? Third, gather…
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