360° Benchmarking : High-Performance Innovative Organization Tools

Abstract

The objective of this article is to present 360O benchmarking, a powerful innovative organizational tool. It discusses the concept of doing business in the digital economy era, where business organizations should have important tools to increase the potential of the organization to be efficient and survive in the midst of free competition. The 360O benchmarking begins with knowing the source of information, data collection methods, the relevance of the data to the planning and implementation goals to determine the success or failure of the process. The 360O benchmarking technique consists of setting goals and development directions, knowledge management, competitive analysis, sensitivity, and risk analysis, strategic planning, relative competency assessment, enhancing the capacity of learning, coordination, and communication, motivation, and participation including its application. In the industrial section, the benchmark has been used for more than 20 years for example in the case study of Xerox with the PAIA process. This article will help readers understand how to compare modern competencies and the whole process of the 360 benchmarking, including ethics. It will be a useful tool for organizational development in accordance with 360O management methods in the digital economy era. In short, performance comparisons will benefit organizations in making short-term projects successful. It also creates new corporate culture, an innovative organization, vision and long-term mission development, and sustainable growth. Moreover, it can be applied to the development of various organizations: the government, state enterprises, private organizations, educational organizations, and others for higher performance.