Strategy Mgt Again....

Today we shall learn about one of the benchmarking - Competitors benchmarking...

Benchmarking is the process of comparing our operations against those of the competitors. They are usually those that are perceived to be the best performers or the current winner. The purpose of benchmarking is to identify and adopt best known practices that can lead to superior performance. So to put it off simply, it means learn from others by copying.

But it takes time for learning curve to sink into the organisation and how much do we really understand the competitor. They have their branding and reputation built up already. We need to do the right thing that will help us succeed and not jus anyhow wack the fellow. In paper we talk about Ethics, but in practice, Ethics is for those who succeed already. Insider trading is also on paper only... Even Debtors confirmation can receive thru client leh... Don't play play, but play it the right way.

But benchmarking do has its limitation. Benchmarking is just a tool to learn from others, and not a tool to win. If we copy others we can only be like them or be the same as them. We can never be better than the competitor. So what we should do is having a hybrid approach, learn from benchmarking and attack by CSF.