Benchmarking

To measure a process or practice according to specified standards or references

A process that allows organizations to evaluate various aspects of their processes in relation to best practice, usually within their own industry sector. Benchmarking also allows organizations to develop plans on how to adopt such best practices, usually with the aim of increasing performance. Benchmarking may be a one-time event, but is often treated as a continuous process.

The process of comparing measured performance against a standard, openly available, reference.

The process of comparing performance and processes within an industry to assess relative position against either a set industry standard or against those who are “best in class” (Synergy, 2000).