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Importance of Benchmarking in Business

Introduction

Benchmarking is essential for measuring business performance and overall management of organization effectively. It considers as a tool for developing plan to improve entity’s activities. The present report is based on understanding different aspects of McDonald's related to total quality management of business organization.

It is one of the largest fast food provider company of UK to million people. In this regard, significance of benchmarking to gain entire management of firm can be determined. Including this, different processes related to implementing benchmarking practices are understood. Including this, organization's benchmarking against KFC can be determined through this study. Moreover, difficulties in raising practices are recognized. Along with this, learners are able to learn solutions to overcome the issues occur to gain total quality management of firm efficiently.

Importance Of Benchmarking

Benchmarking is considered as a system for measuring and comparing organizational performance to other entity. It generates different ideas for implementing strategies reagrding service qualities of McDonald's. It is considered as best measurement tool for presenting organizational structure and effective business operations. In this regard, through this study benchmarking approach for McDonald's against KFC is to be understood. However, proper significance of benchmarking and its deep study is able to present here.

Benchmarking is considered as a best tool to measure business performance in total quality management tool that impacts on overall development of organization. However, under this process, strategic management of entity including financial position, production and distribution system, varieties of ideas are generated for better service quality and improving efficiency of organization (Al-Tarawneh, 2014).

Therefore, as per proper management different aspects and organization’s effective tools are determined. It is helpful for increasing in customer satisfaction level that impacts on productivity and profitability of entity. In accordance to this, systematic management of business operations and positive environment of entity is gained. In addition this, benchmarking tools to measure customer satisfaction level and cost per unit of measure and cycle time of product per unit measure. Thus, total quality management regarding entire business operations are considered through this measurement.

It creates different ideas and techniques for improving service qualities of products and organization’s effectiveness is obtained.

Significance of benchmarking can be described as follows:-

Focuses on best practice to recognize next practices:- Benchmarking is interrelated with total quality management of McDonald's. In this regard, according to focusing on all business aspects innovative ideas are generated for next practices of firm. However, best tool for operating business activities is identified for further implementation of entity.

Helpful in continuous growth of organization:- Proper performance of business entity is obtained that impacts on regular development of company (Khanam, Siddiqui and Talib, 2016). It is interlinked with economic structure and overall business operations to improve efficiency. Therefore, benchmarking is considered as useful for rapid growth that affects productivity and profitability of org

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