Improving processes through effective benchmarking

Benchmarking is the process of comparing one's performance to the methods used by other top businesses in order to improve performance, detect disparities, spot development prospects, or gauge one's standing in the market. Companies can benchmark themselves by tracking their own performance and contrasting it with prior performance. Instead of only measuring the highest performance, benchmarking aims to avoid or overcome complacency and improve any given business process by utilizing best practices. The best performance results from best practices. A benchmarking process typically involves four phases: planning, analysis, integration, and action.

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