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Word Count: 584
The article defines benchmarking as the process of identifying the highest standards of excellence for products services or processes and then making the improvements necessary to reach those standards commonly called the best practices In 1995 more than 70 of Fortune 500 companies used this concept on a regular basis A survey was used to assess the effectiveness of benchmarking techniques among several types of industries across a variety of settings A questionnaire was mailed to 1000 organizations throughout the United States A total of 292 questionnaires were returned with 252 being usable for this study 16 of the organizations indicated that they had a benchmarking program The research shows several reasons of why companies undertake a benchmarking project The top reasons identified were 1To reduce costs 2To improve productivity 3To improve quality 4To improve profitability 5To improve customer service 6To improve a certain operation process 7To protect market share 8To get a jump on competitors 9To open up an opportunity for growth 10To enhance job satisfaction The article provides support that the benchmarking technique improves participants productivity quality satisfaction and performance Adequate planning training open interdepartmental communication support and commitment by Senior Management and detailed implementation plans to perform benchmarking projects were identified as significant factors that contributed to the success or failure of the benchmarking project After reading the article I think the author truly believes in the benefits of the benchmarking technique However the facts and figures from this study does support his findings in the article summary Elmuti also presents the findings of why benchmarking projects fail to achieve the desired results I agree with the conclusion that Elmuti reaches in his article Benchmarking is discussed in Chapter 10 in the Strategic Management text According to the text benchmarking has been found to produce best results in companies that are already well managed Poorer performing firms tend to view the benchmarking technique as too difficult to reach Corporate strategy deals with
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