Osaretin Kayode Omoregie
The current intense nature of competition among firms has increased the pace of innovation within and across industries. Rapid changes in the taste and requirements of consumers have compelled organizations to think of ways of constantly improving their processes, product offerings and service delivery. Benchmarking as a tool has assisted organizations to fast track their innovation pipeline while reducing time and route to market. It has helped firms meet the requirements of their consumers at low level of risk and cost. This paper presents an expository review of some new ideas and approaches to effective benchmarking and provides practitioners with some contemporary insights on approaches and tools for benchmarking as a way of improving corporate performance in a measurable way.
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