Adoption of Benchmarking Strategy and its Challenges in the Global and Indian Corporate Sectors

Abstract

In today’s dynamic and competitive business landscape, benchmarking has emerged as a critical strategic tool for enhancing organisational performance. This article explores the adoption of benchmarking strategies in both global and Indian corporate sectors, examining its methodologies, impacts, and associated challenges. Benchmarking enables companies to identify best practices, assess performance gaps, and drive continuous improvement by comparing their operations with industry leaders. While global corporations have leveraged benchmarking to drive innovation, efficiency, and customer satisfaction, Indian companies are also increasingly recognising its value in achieving competitiveness. However, challenges such as data accessibility, cultural diversity, adaptation to local conditions, and resource constraints continue to hinder effective implementation, particularly in the Indian context. This paper highlights the significance of context-specific adaptation of global practices and the need for a robust benchmarking framework to ensure sustained organisational growth. The discussion underscores benchmarking as an ongoing process vital for aligning strategic goals with performance excellence.