Benchmarking Liberty University
Benchmarking
The benchmarking process exists in a series of four phases: planning, analysis, integration, and action. While each phase is carried out with the same concept, the types of activities that are performed within the phases can vary due to the nature of the business or benchmark.
Things like budgeting, the size of the company, the accessibility of information and cultural variances due to globalization can all play a role when determining a benchmark.
This paper will explore the value of each phase to the benchmarking process and why they are important to the corporate world.The way businesses do business is a constant revolving door during this day and age. There is no right or wrong answer, and the best practices are becoming more and more outdated as time continues.
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