Describe the system of Bench marking and the process of outsourcing and it’s impact on the organisation. Give examples.

Managing change in organizations is a crucial aspect of ensuring long-term success and competitiveness. Two key strategies often employed in this process are benchmarking and outsourcing, each with its own set of principles and impacts on organizational dynamics.

Benchmarking:

Benchmarking is a systematic process of comparing an organization's processes, performance metrics, and practices against industry standards or best practices to identify areas for improvement. The goal is to gain insights into how well an organization is performing in comparison to others and to implement changes that enhance efficiency, effectiveness, and competitiveness.

The process of benchmarking typically involves the following steps:

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