Benchmarking Meaning

What is Benchmarking:

Benchmarking It is a process of research, development and improvement of a specific business plan, as well as of the processes, services, products, functions and commercial practices within an institution, organization or company.

The benchmarking comes from the concept in english bench mark, which is used to refer to the reference mark used to determine the height of different places on a grade.

Today, the term benchmarking refers to a benchmark, parameter or comparison of a quality measure or standard for the success of a business.

The practice of benchmarking it is summarized in three main objectives:

  • Comparative study to analyze how other organizations achieve higher levels of performance.
  • Determine where and what improvements should be applied.
  • Use of information and analytics to improve performance and performance.

See also Market study.

The practice of benchmarking solves the problems that appear in the company, organization or institution through knowledge of itself and the competition. It is a management tool like SWOT analysis that looks at the strengths, opportunities, weaknesses and threats of the company or organization.

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