BENCHMARKING & REVERSE ENGINEERING
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8 Terms
Benchmarking
The method of observing the activities of companies declared as “best-in-class” and contrasting the success of your company with theirs. It is possible to benchmark almost every operation.
How many types of Benchmarking are there?
5
Aims to determine a company’s overall positioning within a certain marker or sector.
Industry or Market Benchmarking Analysis
Aims to evaluate the performance of each employee, whether internal or external, to that of other similar employees.
Individual Benchmarking in Business
Contrasts a company’s fiscal performance and well-being with those of comparable organizations.
Financial Benchmarking in Business
Seeks to compare the quality and or efficiency of similar goods or services provided by various organizations.
Product Benchmarking Analysis
Contrasts a company’s day to day internal business practices to those of other similar companies.
Operational Benchmarking
The process of disassembling a product to analyze its design features.
Reverse Engineering