What is Benchmarking?
A systematic and continuous process of searching, learning, adapting and implementing the best practices from within own organisation or from other organisations towards attaining
What is Benchmark?
A measure of “best-in-class” achievement, which is being recognised as the standard of excellence for a particular process.
What is Best Practices?
Best practices are relative terms indicating outstanding business practices which have been identified as contributing to significant improved performance in leading companies.
Benchmarking Code of Conduct
Most organisations follow a set of ethical and legal guidelines for benchmarking information exchange known as the Benchmarking Code of Conduct. These guidelines establish the ground rules in asking for, exchanging, or providing information. The following guidelines are adapted from the American Productivity and Quality Center (APQC).
- Conduct yourself within legal bounds
- Participate by exchanging information
- Respect confidentiality of information
- Use of information only for the intended purpose
- Initiate contacts with designated inliiduals
- Obtain permission before providing contacts
- Be prepared for each benchmarking event
- Follow through with commitment to partners
- Treat information from others as they desire