Benchmarking in the company

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Do you think benchmarking (i.e. comparing key metrics of companies within the same industry which are considered best in the industry in order to identify areas for improvement for your company) is just another fad or is it really useful for all firms? Why, or why not? How could benchmarking be used in your place of employment or future entrepreneurial endeavors? Does it rate as a viable tool for future development?

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