The concept of discovering what is the best performance being achieved, whether in your company, by a competitor, or by an entirely different industry.
Benchmarking is an improvement tool whereby a company measures its performance or process against other companies’ best practices, determines how those companies achieved their performance levels, and uses the information to improve its own performance.
Benchmarking is a continuous process whereby an enterprise measures and compares all its functions, systems and practices against strong competitors, identifying quality gaps in the organization, and striving to achieve competitive advantage locally and globally.