Benchmarking is a strategic process of comparing an organization’s performance, practices, processes, or products against those of other organizations or industry standards to identify best practices, areas for improvement, and opportunities for innovation. It involves measuring performance metrics and key indicators to gauge how well an organization is performing compared to its peers or established benchmarks. Benchmarking helps organizations gain insights into their relative performance, identify opportunities for improvement, and adapt successful practices from other entities. It’s a valuable tool for enhancing efficiency, effectiveness, and competitiveness in various industries.
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