Challenges of Benchmarking in Nigerian FM

What is it about?

Benchmarking is comparison of the value for money of your production or operations with that of best in class or best practices. It requires significant commitment of resources but in the long run provides significant value particularly as regards improved performance efficiency and productivity which could reduce cost. As desirable as benchmarking is, its application is limited by various challenges. This study examines these limitations in the context of a developing economy like that of Nigeria's

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Why is it important?

The top four challenges of benchmarking were found to be “unwillingness of employees to change”, “inadequate understanding of the exercise of benchmarking”, “inadequate access to data from other organisations” and “poor execution of the benchmarking process . It was also found that, the challenges varies with location, therefore studies must be carried out to identify the important challenges in different major locations within the economy