What is benchmarking? what are the purpose and advantages of benchmarking?
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Benchmarking is a way of discovering what is the best performance being achieved – whether in a particular company, by a competitor or by an entirely different industry. This information can then be used to identify gaps in an organization's processes in order to achieve a competitive advantage.
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Benchmarking is the process of measuring key in business metrics and practices and comparing them . Within business areas or against a competitor , industry peers or others companies around the world to understand how and where the organization needs to change in order to improve performance.
Advantages of benchmarking
● Gain an independent perspective about how well you perform compared to other companies .
● Drill down into performance gaps to identify areas for improvement.
● Develop a standardized set of processes and metrics.
● Enable a mindset and culture of continuous improvement.
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