What Is Bench Marking

Benchmarking is defined as the process of measuring products services and processes against those of organizations known to be leaders in one or more aspects of their operations.

What is bench marking. Dimensions typically measured are quality time and cost. Benchmarking can be applied against any product process function or approach in business. The new hotel is a benchmark in opulence and comfort.

Benchmark definition a standard of excellence achievement etc against which similar things must be measured or judged. Benchmarking is a process where you measure your company s success against other similar companies to discover if there is a gap in performance that can be closed by improving your performance. Benchmarking is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies.

Benchmarking involves looking outward outside a particular business organisation industry region or country to examine how others achieve their performance levels and to understand the processes they use. Benchmarking is the process of comparing your own organization its operations or processes against other organizations in your industry or in the broader marketplace. It is a way you.

The point of benchmarking is to identify internal opportunities for improvement. You can also think of a benchmark report as a dashboard on a car. It is a practice in which quality level used as a point of reference to evaluate things by making comparison.

In this way benchmarking helps explain the processes behind excellent performance. Benchmarking is a tool of strategic management that allows the organisation to set goals and measure productivity on the basis of the best industry practices. Studying other companies can highlight what it takes to enhance your company s efficiency and become a bigger player in your industry.