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Benchmarking

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Comparison of company’s products, services and operating procedures to those acknowledged to represent “best industry practice” for the purpose of determining how the company’s operations can be improved. Benchmarking increases company’s transparency and effectiveness: it send early warning signals that the organization is lagging behind; establishes the level of the organization in comparison with the world leaders; results in rapid introduction of new approaches at lower risks; and reduces the cost of improvements.

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