COMPARISON OF BEST PRACTICE BENCHMARKING MODELS

A review of benchmarking literature exposed that due to the development there are different types of benchmarking and different benchmarking models. There are universal models, but also models uniquely developed for particular benchmarking types. Each model varies in terms of the number of phases involved, number of steps involved, application, etc. The research focuses on one of the most popular benchmarking types: best practice benchmarking. Best practice benchmarking describes the comparison of performance data obtained by studying similar processes or activities and identifying, adapting, as well as implementing the practices that revealed the best results. The research intends to propose best practice benchmarking model after reviewing existing benchmarking models in literature. Implementing successful benchmarking project requires more than abidance to the step-wise models. Factors, which have an impact on the adoption of best practices benchmarking models will be highlighted, because many companies are involved in benchmarking, but adoption of best practices is not as height as might be expected. Key words: benchmarking model, best practice benchmarking, benchmarking cycle.