Benchmarking as an enabler of business excellence in the South African financial sector

Abstract

Benchmarking is the process of identifying, understanding, and adapting outstanding practices from within the organization or from other businesses to help improve performance. The importance of benchmarking as an enabler of business excellence has necessitated an in‐depth investigation into the current state of benchmarking in South Africa. This research project highlighted the fact that the respondents realized the importance of benchmarking, but that various problems exist regarding the effective implementation of benchmarking. Based on the research findings, recommendations for achieving success are suggested.

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