Manufacturing companies need to constantly determine which areas need improvement in order to remain competitive on the market. Hence, organizations often benchmark their performance against other organizations’ performance and determine performance gaps. Moreover, there are top performance companies that have not only improved their competitiveness due to benchmarking studies, but have also gained a top place and became a benchmark for the entire industry they belong to.
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Competitive studies are conducted in the automotive industry mainly for design features and functionality. Automotive manufacturers always seek to fulfill customer needs and exceed their expectations through product offers that would overtake the ones already available in the market.
Nowadays, many benchmarking best practice examples come from the highly competitive and innovative airline industry. According to Jackie Fry, Ian Humphreys and Graham Francis (2005), benchmarking is considered to be the most commonly used performance tool for increasing performance both for airline companies and airports worldwide.
Succeeding in today’s business environment involves not only having a strategy designed in a way that ensures the company’s success, but also using the proper methods to make sure the strategic decision-making process will be as accurate as possible. In order to arrive at such a result, managers should be aware of the biases that can appear within organizations and what techniques they can use to control or reduce them.
