Benchmarking

Benchmarking is a process used in strategic management, Benchmarking is a process in which organizations evaluate various aspects of their processes and performance metrics in relation to best industrial practice. This is helpful to organizations to evaluate their processes and also to develop plans for improving or adapting the changes to their processes based on the best practices. This is continuous process as it always help organizations to improve their processes.

Benchmarking is also known as “Best Practice Benchmarking” or “Process benchmarking”.