- Informal benchmarking involves comparing business processes from the organization with similar processes in other successful organizations.
- This approach helps identify best practices and areas where the current system or processes can be improved.
- By learning from the successes of other organizations, companies can adopt strategies that have already proven effective elsewhere.
Benefits:
- Provides insights into industry standards and best practices.
- Helps identify gaps or inefficiencies in the current process by observing what competitors or leaders are doing better.