Benchmarking: A Method to Improve the Entity's Performance and Change Process

Benchmarking: A Method to Improve the Entity's Performance and Change Process

Ana Maria Ifrim (Titu Maiorescu University, Romania), Alina Stanciu (1 Decembrie 1918 University, Romania), Monika Brigitte Sürgün (Valahia University, Romania) and Hrisanta Cristina Ungureanu (Valahia University, Romania)
DOI: 10.4018/978-1-7998-1005-6.ch012

Abstract

Benchmarking is the process of comparing your own organization, operations, or processes with other organizations in the same industry or a wider market. This chapter intends to analyze the perspective of benchmarking in Romanian SMEs from the perspective of quality, cost, effectiveness, and customer satisfaction. The results show that for many Romanian organizations, benchmarking is still a little overlooked, on the one hand because of the lack of necessary financial resources, on the other hand, of a poor awareness of the importance of these investments in the medium and long term.
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Background

Benchmarking in today's volatile, uncertain, complex, and ambiguous economic environment is the key to controlling entities that have understood and accepted that in order to remain on the market, it is necessary, regardless of the field of activity, to consider Vision Pillar - Innovation as essential. Against the backdrop of rising generations, scarcity of resources, the rate of change is known to continue to accelerate. New social, technological, environmental, political trends converge to create disruptive and disturbing forces, remodeling consumers' behaviors and preferences, going in-depth and responding to how / when / where?

Key Terms in this Chapter

Integrity: The prohibition amendment - by deleting or adding - or the unauthorized destruction of information; integrity refers to confidence in the data and resources of a system by which to manage information.

Cost: the money form of all material and labor expenses made by the company to produce and market material goods, execution works and service works.

Economic Management: The achievement of the budget objectives with minimum costs so that when the activity is completed the revenue exceeds the costs, namely there is a profit that ensures a level of profitability as high as possible both at general level and by product, department or service performed.

Financial Management: A tool in the decision-making relating to the collection and analysis of information in order to increase the performance level of the economic entity.

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