Definition Benchmarking is a systematic, continuous process for measuring, evaluating, and comparing business practices against recognized leaders to determine the extent to which you can improve your organization's performance.
Definition
Benchmarking is a systematic, continuous process for measuring, evaluating, and comparing business practices against recognized leaders to determine the extent to which you can improve your organization’s performance.
It is most useful as a first step in creating the recognition that change and improvement are possible or needed and when trends, rather than just absolutes, can be studied.
General approaches
– Internal benchmarking — comparing processes within a company
– Competitive benchmarking — comparing processes with a competitive company
– Function benchmarking — comparing a function (e.g., maintenance) in one plant or company with the same function elsewhere
* Generic benchmarking — comparing processes with an “unrelated” organization recognized for innovation or a specific expertise
