What is Benchmarking ?

Benchmarking is the process of comparing and evaluating the performance, practices, or outcomes of a particular system, process, product, or organization against those of recognized standards or best-in-class entities. It involves analyzing key metrics, processes, and results to identify areas for improvement and potential gaps. By measuring performance against established benchmarks, businesses and individuals can gain insights into their relative strengths and weaknesses, enabling them to make informed decisions to enhance efficiency, quality, and competitiveness. Benchmarking can be applied across various fields, such as business, technology, and academia, to drive innovation and continuous improvement.