(i) Benchmarking saves reinvention because there is almost always someone somewhere who
has solved our problem.
(ii) Benchmarking helps in beating competition because an organization is able to understand the
nature of existing competition and gets ideas from proven practices.
(iii)Benchmarking helps in identifying in performance and aids in closing the gap between
present quality and expectation.
(iv)Benchmarking provides insight into new approaches especially those used by the
competitors. This in itself provokes innovation and new thinking.
(v) Benchmarking focuses on performance measures and processes, not on the product, hence is
not restricted to the same industry in which the company operates.
(vi)It helps in establishing effective and realistic goals, vision and objectives.
(vii) Benchmarking promotes the culture of a learning organization. A well structures
benchmarking exercise is a learning experience for the institution and the means of making
use of the best ideas and knowledge available in that organization.
(viii) Benchmarking helps in creating awareness of changing customer needs.
(ix)Benchmarking provides an opportunity for sharing information among the process
partners.
NatalieR answered the question on May 9, 2022 at 13:44
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