BENCHMARKING: A PART OF STRATEGIC CORPORATE PLANNING
Author: Assoc. Prof. Ph.D. Irena Slavova (UNWE)
In an increasingly globalization crucial for any organization is its ability to assess their practices compared with business strategies and objectives of its competitors; improving the 112 “БИЗНЕС ПОСОКИ” management of corporate business processes that help to achieve world leadership. Essential tool linked to a change in future development of the business organization and increasingly widely used in corporate management and strategic planning is benchmarking. The purpose of this article is to clarify the specifics of benchmarking and its characteristics as an element of the corporate strategic planning - development a strategy and its implementation. The focus of research is on the integration and interconnection between different types of benchmarking in the process of corporate strategic planning - defining the mission and goals; strategic analysis; strategy formulation, strategy implementation, monitoring and control. The importance of benchmarking dimensions that reflect the qualitative aspects of the organization and may lead to excellence is emphasized. Application of benchmarking in this aspect is shown by the analysis of the mission of the banks in Bulgaria and lessons learned.