Companies Using Benchmarking
Since its rise to fame through the successful implementation at Xerox, applications of benchmarking have been used to aid in the improvement of processes in the fields of “manufacturing, health care, marketing, supply chain, energy, investment decisions, hotel business, public transportation and customer service” (Meybodi, 2015, p. 1020). Some of the companies that employ benchmarking strategies today include IBM, ...
... middle of paper ...
... more beneficial for companies with more than one product or service; TMS offers one type of service. Benchmarking, as previously detailed, involves the process of reviewing the best practices of other companies, and then implementing those practices to achieve equal or greater performance than competitors (Blocher et al., 2016). Mann (2015) explains one benefit is that benchmarking can be conducted formally or informally. Additionally, Meybodi (2015) espouses that benchmarking, being a flexible tool, can be used for small continuous improvements in any area of the business, as well as for major process reengineering. Due to the small size and limited staff of TMS, the flexibility of benchmarking identified it as the appropriate management technique necessary to help the small firm make improvements and propel its business to greater heights of customer service.
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- I. Technique and Rationale for Selection Marc 1 Realty is a real estate company located in Charlotte Metro area of North Carolina and has grown from only serving two of the smallest counties in the area to becoming one of the largest real estate firms in the metropolitan area over the past twenty years (Mosteller, 2015; Trulia, Inc., 2015). The company has successfully thrived during the economic recession and is now facing a steadily improving market (Koepke, 2015; Federal Reserve Bank of Richmond , 2015 ).... [tags: Better, Management, Strategic management, Xerox]
1677 words (4.8 pages)
- SWOT Matrix Below SWOT analysis lists some internal strengths and weaknesses and also compares with the external opportunities and threats. The SWOT analysis of Sears Holdings Corporation is as follows: Strengths • Brand equity • Strong retail network • Diverse & multicultural customers • Strong management team • Customer loyalty program • Strong technical infrastructure • Broad product offering Weaknesses • Customer Service • Old look and feel • Domestic markets are saturated • Store popularity • Poorly maintained and staffed stores • Uninspiring merchandise • Low Inventory turnover • Slack quality control Opportunities • Emerging markets • Increase brand awareness • Strong e-commerce b... [tags: Sears Holdings Corporation, Kmart, Retailing]
718 words (2.1 pages)
- Xerox Case Study Analysis Xerox's "Book In Time" is a revolutionary product, presenting some new opportunities for the company. It is simply a matter of costs. The Book-in-Time equipment allows for a publishing company to produce a 300-page book for $6.90, something which could have been previously reached only for lots larger than 1,000 copies. A significant decrease in publishing costs, given the fact that these cover up to 20 % (including the paper and binding the book), would create the possibility of an increased profit margin.... [tags: Business Analysis Xerox]
1027 words (2.9 pages)
- SWOT analysis is a tool that can provide prompts to the managers, clinical leads, nurse tutors, nurse mentors and staff involved in the analysis of what is effective and less effective in clinical systems and procedures, in preparation for a plan of some form, which could be an audit, assessments, quality checks and among others. In fact, a SWOT can be used for any planning or analysis activity which could impact future finance, planning and management decisions. It can enable the organization or an individual to carry out a more comprehensive analysis.... [tags: SWOT analysis, Management, Nurse, Nursing]
765 words (2.2 pages)
- A SWOT analysis is a tool that identifies internal and external factors that may affect an organization. According to Parnell (2014), a SWOT analysis allows managers to investigate the strengths, weaknesses, opportunities, and threats that a company may face in their environment. Strengths and weaknesses are typically internal factors; while opportunities and threats are external factors. A company’s strengths are the things that set them apart and make them different or better than anyone else in their industry.... [tags: Strategic management, SWOT analysis, Management]
753 words (2.2 pages)
- By assessing each strength, weakness, opportunity and threat an organisation is able to make an informed decision about whether a change to the business would result in a competitive gain or not. SWOT is advantageous in the way that it promotes good teamwork, defines focus and scope, verifies the facts and provides information to allow further analysis for a well informed decision to be made. Before a SWOT analysis is initiated relevant facts and information will need to be researched to enable accurate information to be provided to the group.... [tags: Strategic management, Management, SWOT analysis]
1090 words (3.1 pages)
- CenturyLink is one of the larger communications companies within the United States and has even expanded abroad to other countries. When analyzing the SWOT analysis for CenturyLink, I was able to identify several strengths that set them apart from their competitors. As mentioned, they are distributing services in over 20 states currently and continue to broaden services to reach more clientele. They pride themselves on exceling in data communications and network systems databases which has allowed them to become one of the desired communication companies.... [tags: SWOT analysis, Marketing, Technology, Management]
740 words (2.1 pages)
- Overview SWOT analysis is a necessary tool for business that allows corporations to analyze where their strengths, weaknesses, opportunities and threats lie. The SWOT tool contains paramount information about the industry and helps the executives of the business make decisions that are necessary for the business’s survival and success. PricewaterhouseCoopers is one of the big four accounting firms who’s services include, audit, assurance, consulting, tax services, and risk assurance services. PwC concentrates on 16 key industries and provides precise services that include human resources, deals, forensics, and consulting services.... [tags: SWOT analysis, PricewaterhouseCoopers]
1046 words (3 pages)
- Throughout my college career, I have been involved in a wide variety of organizations and internships that not only refined my business skills, but also provided me the realistic experience in the business realm. I have experienced a wide-range of activities and work that span from selling automobile parts to providing services to patients recovering from substance abuse and mental illness. Throughout this journey, I was given an opportunity to not only develop my business marketing skills, but allowed a glimpse of the industry (and the systematic process of that particular field) as well.... [tags: swot analysis Business]
1758 words (5 pages)
- The objective of this paper is to analyze and discuss some of the Boeing Company's business decisions using their strengths, weaknesses, opportunities and threats, also known as an S.W.O.T. analysis which is defined as, "a planning tool used to analyze an organization's strengths, weaknesses, opportunities, and threats. (Nickels, McHugh, McHugh, page 216)". This is a very powerful tool usable by any business that is just starting out, going through a change in direction, or in the process of a major merger.... [tags: SWOT Analysis]
1874 words (5.4 pages)