Benchmarking as a tool of strategic management

The increasing dynamics of the business environment combined with the emergence of new technologies calls for the development of new methodologies and tools within the concept of benchmarking. Although recent progress has been made in the direction of expanding the scope of benchmarking to include systems and strategies, the need exists more than ever for a system-wide organizational approach. This paper introduces the Total Benchmarking Model that effectively integrates four types of benchmarking activities: benchmarking of competitive advantages, benchmarking of strategies, process benchmarking and performance benchmarking within the process of strategic management, with the aim of supporting and improving the quality of strategic management decision-making. The model we construct is the result of both long-term research and its practical application with Slovenian firms.