Integrated MCDM for Benchmarking Techniques in Indian Service Industries

Abstract

Industries need to ascend their standards for competitiveness and adopt modern methods with techniques for effectiveness of their system which occurs through convention of benchmarking techniques. The rationale of the study is to review the benchmarking techniques and moreover to rank on the basis of their application in service industries. To rank the benchmarking, analytical network process and technique for order preference by similarity to ideal solution (TOPSIS) methods are used. An integrated model of multi-criteria decision-making (MCDM) is used for prioritizing the best practices in Indian service sector. The study identifies different types of benchmarking techniques among which generic benchmarking, external benchmarking and internal benchmarking occupy the first three ranks, providing basis for several critical success factors (CSFs) like planning, reliability, standardization, time behavior and usability as the more important parts of benchmarking. Thus, an endeavor has been made by authors to give a model for evaluation of benchmarking techniques through MCDM which gives confidence for executives to adopt benchmarking in their industries.