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Planning: Identify the process, service or product to be benchmarked and the firm(s) to be used for comparison. Determine the performance metrics and collect the data.
Analysis: Determine the gap between the firm’s current performance and that of the benchmark firm(s).
Integration: Establish goals and obtain the support of managers who must provide the resources for accomplishing the goals.
Action: Develop cross-functional teams of those most affected by the changes, develop action plans, implement the plans and monitor progress.