Conceptual Framework of Benchmarking

Abstract

In the present day globalized scenario the development of information and communication technologies and ever expanding service industry have all caused organizations to be in a continuous search for new configurations/best-practices to be adopted to excel in industry. Towards this objective, benchmarking is a powerful and practical tool, which is time, tested in finding best practices to be adopted to be able to excel in the chosen field of endeavor. For achieving excellence best practices need to be gleaned from related/other service industries so as to be adopted and to put to use to achieve desired ends.