Benchmarking is the process of comparing business processes, performance metrics, and practices to industry bests or best practices from other organisations. It is used to identify gaps, set goals, and drive improvement.

Benchmarking can be internal, competitive, functional, or generic. It involves measuring key metrics, analysing differences, and implementing changes. It is common in operations, marketing, customer service, and finance, and it supports continuous improvement and competitive advantage.

Key points

• Comparing to best practices
• Identifies gaps and sets goals
• Can be internal, competitive, or functional
• Supports continuous improvement