Companies benefit today from interfirm cooperation. One of the ways they cooperate is through networking. Another way is by seeking technological knowledge and new processes from exemplary firms sometimes outside their own industries. This is called
A) competency capturing.
B) technology swapping.
C) benchmarking.
D) broadening the knowledge base.

Question

Quizplus · Accepted Answer

Companies today are sharing their best practices through from each other. Benchmarking compares an organization's practices, processes, and products against the world's best. Management of one company seeks out another company whose technology or process in doing a particular function rivals all others. The goal is to replicate that process.

Companies Benefit Today from Interfirm Cooperation