Benchmarking

Benchmarking is the process of comparing business process and performance metrics to those industries which perform best practices from other industries.Typically measured Dimensions are quality, time and cost. In Benchmarking, management identifies the best firms in their industry, or other industries where similar processes exist, and compares the results and processes of those studied to own results and processes. In this way, they learn how well the targets perform and the business processes that explain why these firms are successful.