Benchmarking is the process of continuously measuring and comparing one’s business performance against comparable processes in leading organizations to obtain information that will help the organization identify and implement improvements.
The continuous process of measuring our products, services and business practices against the toughest competitors and those companies recognized as industry leaders.
(Xerox definition of benchmarking)
Benchmarking can be crucial for a company because it enables useful and relevant performance measures to be developed based on good practice that has been achieved by best-in-class external companies. Although the process is quite straightforward to explain, it can ...