Factors contributing to the success of benchmarking: A South African perspective

Abstract

This study aims to identify the factors that have an influence on the success of benchmarking projects, and finds that listed South African manufacturing companies achieve a high degree of success with their benchmarking projects. The key success factors are a cost-benefit analysis and the formulation of an implementation plan during the planning stage of the process. Other factors include limitation of the scope and length of the project, an optimum number of four partners, the selection of partners of similar size and the inclusion of partners from other industries. It was also found that the compliance with a code of conduct by all the partners and the consideration of ethical and legal aspects are essential elements of success.