Benchmarking is a process of measuring the performance of a company’s products, services, or processes against those of another business considered to be the best in the industry, aka “best in class.”

The point of benchmarking is to identify internal opportunities for improvement. By studying companies with superior performance, breaking down what makes such superior performance possible, and comparing those processes to how your business operates, you can implement changes that will yield significant improvements.

Step-by-step benchmarking

Benchmarking is a simple, but detailed, five-step process

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