What do you mean by benchmarking?

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What do you mean by benchmarking?

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  • 08 Dec, 2018

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Benchmarking refers to the measurement of the quality of the policies, programs, products, and strategies of an organization and its evaluation with the standard measurements or the measurements of the peers. 

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Benchmarking helps in determining the types of improvements and where they are called for. It assists in examining how other organizations attain the levels of high performance. By using the collected data, it helps in enhancing the performance of an organization.

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A tool of strategic management, benchmarking helps an organization to set goals and measure productivity with the help of best and effective industry practices. Benchmarking is considered as a practice in which the level of quality is utilized as a point of reference in order to assess the things by making a comparison. 

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