Benchmarking - Methods of Raising Company Efficiency by Learning from the Best-In-Class

The contribution is focused on one of the methods of assessing business performance - benchmarking and its application in one of the companies operating in the construction sector. Benchmarking has been for a longer time one of the phenomena, what contemporary modern management is consistently engaged to. Competitive comparing is nothing new, but benchmarking has brought scientific principles to this area, developed a reliable methodology and enabled a wide comparability. Benchmarking is a continuous process of measuring systems, processes and products within the company and comparing them with competitors or other companies that are successful in same field. It is very important for all companies to constantly monitor their competitors, because it is one of the basic conditions of increasing their efficiency and market share. The aim of such comparing is to adopt the new practices and procedures and in particular to obtain information which leads to improve business performance. The article describes both the theory of benchmarking as well as its practical approach. Accomplishment of examined method and its practical application is the formulation of the phased steps that are part of the four basic phases in business practices of benchmarking. Subsequently the paper identifies risks that may threaten the successful implementation of benchmarking. There are set out measures to be followed to maintain the reliability of benchmarking for the most significant risks in the paper. These measures have the character of recommendations for management employees. Identification of the risks and proposition solution which leads to their elimination is the most important contribution of this article.