Benchmarking Model of Production Intellectual Capital

Benchmarking is a tool that enables analysis and comparison based on facts, that is, on real data that allow for comparison of the actual current state of a company in relation to the market and realistic improvement of business processes, and as such it represents a respectable and increasingly used practice in the business world. As a process of identifying and understanding, but also accepting and applying the best business practices of global organizations, benchmarking aims to improve business processes in a highly effective and efficient manner, while automatically achieving an evaluation of the company’s current position in relation to the best, thereby identifying areas and ways to improve performance. Knowledge is the only resource that never loses value and is the only source of innovation, that is, it is a factor that decisively influences the launch and implementation of innovations, as well as the improvement of systems and process functionality in companies. Since knowledge is the greatest power that companies use to achieve competitive advantage, knowledge management means a fundamental change and the process of establishing, maintaining, and directing a company, with significant support from information technology and clear organizational features, as a prerequisite for successful program implementation, for the purpose of utilizing knowledge to create business value and generate competitive advantage. While knowledge management deals with organizational knowledge at the tactical level, intellectual capital management does so and is focused on building and managing intellectual values at the strategic level, with the function of taking care of the intellectual capital of business-production systems. Once determined, the intellectual capital of the production of a particular product is used as a basis for comparison with the best products and the best companies, and differences in competencies are considered through performance indicators by applying an effective controlling method—benchmarking. To build a special framework for generating a benchmarking model of intellectual capital of production, customer requirements and the competencies of production units are taken into account, whereby a special procedure can be generated based on the general procedure, which corresponds to a specific business environment, where the main factor consists of eight factors composed of several criteria, and each criterion of several questionnaires.