Describe in your own words what functional benchmarking is. Why is it important in the global business environment?
I have never heard of the term functional benchmarking before now, but I am glad i am now familiar. It seems like such an integral part of business! In any competitive sport, American football, football, baseball, cricket, there are scores and standings kept. This helps a team understand how it is performing in comparison to its peers. This is an important element of competition, understanding how you size up with others. In the business world, which you better believe is competitive, functional benchmarking creates real benchmarks to compare one company and another to. This can help an organization learn if they need to continue what they are doing, or look for things to change, hoping to change their results. This is a technique I know I will certainly use, the education world uses this when comparing students, and students use this technique when comparing colleges!