business policy unit VII case study and DQ question

0:00 Hello, welcome to the Unit VII discussion on benchmarking. Benchmarking is a process of 0:06 basically putting a company or organization in comparison 0:13 to another company or organization. For example company may have a production 0:17 line that does X and have all these processes, time, cost, variables, and they 0:23 Say, well, we want to compare it to other companies in order to benchmark or to 0:27 metric ourselves against somebody else. Now having said that there are a lot of 0:32 advantages to that, it keeps things in perspective, it allows the company to 0:36 understand where they are in the process. But there can be some negatives as well. 0:41 It might be something to consider, for example, if a company has new technologies 0:46 or a new process or something innovative, and I can use Amazon.com as an example. A 0:52 lot of their processes were very innovative and creative and set the 0:56 benchmarks. So there's a balance between benchmarking to see where you're at and 1:01 also creating a whole new set of benchmarks for other people to follow 1:04 you. So there might be something to note there. Is it a fad? Is it something that 1:09 just so happened out of metrics? Work with it, there's a lot of questions to ask so 1:14 you might want to explore those things in this discussion post. If you need any 1:18 help or any assistance please reach out to your course professor right away. 1:21 Thank you.