This is where benchmarking comes into play. Benchmarking is learning from the best and is used to tap into the tremendous pool of knowledge. Let's begin answering these questions. Benchmarking is becoming so widely practiced for three primary reasons. First, it is a more efficient way to make improvements.
Managers are able to build on the success of others instead of reinventing the wheel.
Managers can use processes that others have already proved effective and can concentrate their thought on developing ways to improve these processes and how to fit them into their own organizations, existing practices. Second, it helps organizations make continuous improvements in their day to day operations. Time has become such an important factor in competition today that managers in many industries are compelled to find ways to do things better faster. Third, benchmarking has the potential to bring corporate Americas' collective performance up significantly. Benchmarking is used in a very wide group of organizations.