Question

Lloyd’s Register used benchmarking in its operational management and improvement, What role could benchmarking play in the development of the Operation Management Process Methods used?

Answer 1

Benchmarking is that the method through that a corporation measures its product, services, and practices against its toughest competitors, or those corporations recognized as leaders in its business. Benchmarking is one amongst a manager's best tools for deciding whether or not the corporate is playing explicit functions and activities with efficiency, whether or not its prices area unit in line with those of competitors, and whether or not its internal activities and business processes want improvement. the thought behind benchmarking is to live internal processes against associate degree external commonplace. it's how of learning that corporations area unit best at playing bound activities and functions and so imitating—or higher still, up on—their techniques.

Benchmarking targets roles, processes, and demanding success factors. Roles area unit what outline the work or operate that someone fulfills. Processes area unit what consume a company's resources. essential success factors area unit problems that company should address for fulfillment over the long-run so as to realize a competitive advantage. Benchmarking focuses on this stuff so as to illustrate inefficiencies and potential areas for improvement.

Benchmark role are-
Benchmarking will concentrate on roles, processes, or strategic problems. It will be wont to establish the operate or mission of a company. It can even be wont to examine existing practices whereas gazing the organization as an entire to spot practices that support major processes or essential objectives. once specializing in specific processes or activities, the depth of the analysis may be a key issue. The analysis will take the shape of vertical or horizontal benchmarking. Vertical benchmarking is wherever the main focus is placed on specific departments or functions, whereas horizontal bench-marking is wherever the main focus is placed on a particular method or activity. regarding strategic problems, the target is to spot factors that area unit of greatest importance to competitive advantage, to outline measures of excellence that capture these problems, and to isolate corporations that seem to be high performers in these areas.

Types of benchmarking-
There area unit variety of various forms of bench-marking, that area unit driven by totally {different|completely different} motivating factors and therefore involve different comparisons. a number of the most important forms of benchmarking area unit as follows: Metric benchmarking is that the use of quantitative measures as reference points for comparisons. Best-practice benchmarking focuses on characteristic outstanding techniques. info technology benchmarking includes processing, analysis, programming, end-user support, and networks. Infrastructure benchmarking includes knowledge centers, networks, data/information, end-user support, and distribution remote centers. Application benchmarking includes system analysis, development and maintenance programming, and practicality. Strategy benchmarking includes skills assessment, info technology strategy, business-technology alignment, and delineation of roles and responsibilities.