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Benchmarking is a process of measuring the performance of a system, product, or process against a standard or best practice. This standard can be an internal benchmark, established through previous measurements, or an external benchmark, derived from competitors or industry leaders. The goal of benchmarking is to identify areas for improvement and to set realistic targets for performance enhancement.
There are several types of benchmarking. Competitive benchmarking involves comparing an organization's performance to that of
The benchmarking process typically involves several steps. First, an organization must decide what to benchmark. This
Benchmarking is a valuable tool for driving continuous improvement and maintaining a competitive edge. It provides