Abstract
Benchmarking is the process of identifying, understanding and adapting outstanding practices from within the organisation or from other businesses, to help improve performance. The importance of benchmarking as an enabler of business excellence has necessitated an in-depth investigation into the current state of benchmarking in South Africa. This research project highlights the fact that respondents realise the importance of benchmarking, but that various problems hinder the effective implementation of benchmarking. Based on the research findings, recommendations for achieving success are suggested.
Highlights
Benchmarking is the process of identifying, understanding and adapting outstanding practices from within an organisation or from other businesses to help improve performance
The importance of benchmarking as an enabler of business excellence has necessitated an in-depth investigation into the current state of benchmarking in the South African financial industry
The importance of benchmarking as an enabler of business excellence is realized by the financial sector, as is its ability to provide extensive benefits
Summary
Benchmarking is the process of identifying, understanding and adapting outstanding practices from within an organisation or from other businesses to help improve performance. As the definition suggests, benchmarking is establishing points of reference for measuring performance. In a sense, it is determining where you should be, given what other institutions in your industry have achieved (McShane, 1996: 21). New standards and goals can be set which will in turn help better satisfy the customer’s requirements for quality, cost, product and service (Cook, 1995: 13). In this way, organisations can add value to their products and distinguish themselves from their competitors. Benchmarking is a positive, proactive process that aims to change operations in a structured fashion to achieve superior performance
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