Opportunities and Challenges of benchmarking.

             The first question to be asked is what benchmarking can do for any organization. The process of benchmarking permits the entire organization to identify, share and use the knowledge that exists within the organization as also the best practices prevalent within the organization. The attempt is to concentrate on improving the situation of any business unit and not to just measure the best performances that have been achieved. The method for this is to apply the use of best known methods of solving the problems that are facing the business. The results come from the utilization after determination of the problems and this can come only after a careful study of the problems. On determination it is expected that the best solutions will be implemented. (Defining Benchmarking).

             The result will come to the organization in the form of gaining important advantages for the organization in the form of advantages. These can be in any form or more than one form - strategic advantages, operational advantages, or direct financial gains. At the same time, it also is an indirect admission that some others are better at the function that we are involved in than ourselves. At the same time, we are being wise enough to understand our own shortcomings and are trying to improve our position so that we can improve and match them in performance. If all our efforts are in the direction of development, a stage may come when we would be in a position to perform better than them. (Defining Benchmarking).

             The process of benchmarking is not just calculating numbers, getting briefs about sites on which organizations are to be set up or traveling through the factories of other organizations, or even copying, spying or espionage. The process does not end here and it has to continue further throughout the entire life of the organization and as the organization improves to a better position, there has to be additional steps which have to be taken so that the organization can successfully step even further.