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Explain how globalization has affected benchmarking practice?


Benchmarking is the practice of evaluating all parts of a firms operations for the purpose of determining if those operations are functioning in the best possible way.  In other words, it is an attempt to ensure that a firm is using "best practices" in all its operations.

The main impact of globalization on this process is to make it at once (possibly) more rewarding but also more complicated.

The process has become more rewarding because there are a greater range of firms to compare with when searching for best practices.  So a company in the US may now investigate comparable companies in many countries and thereby have a chance to look at a wider variety of possible practices.

However, benchmarking has become more challenging because it is difficult to know which practices may effectively be brought from one country to another.  Some practices that work well in one country may not be compatible with the culture of another, for example.  It is difficult to determine which practices can and can not be "exported."

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