benchmarking Definition
the process of comparing something, especially the cost, efficiency, or quality of a particular company's products or services, with those of other companies in order to improve performance.
Using benchmarking: Examples
Take a moment to familiarize yourself with how "benchmarking" can be used in various situations through the following examples!
Example
The company is benchmarking its performance against industry leaders.
Example
We need to benchmark our product quality against our competitors.
Example
Benchmarking helps identify areas for improvement and best practices.
Example
The team conducted a benchmarking study to analyze the market trends.
benchmarking Synonyms and Antonyms
Synonyms for benchmarking
Phrases with benchmarking
comparing business processes and operations with those of other companies to identify best practices and improve performance
Example
The company conducted process benchmarking to improve its supply chain management.
comparing overall strategies and goals with those of other companies to identify best practices and improve performance
Example
The CEO initiated strategic benchmarking to improve the company's market position.
comparing performance and processes within different departments or units of the same company to identify best practices and improve performance
Example
The company used internal benchmarking to improve communication and collaboration between departments.
Summary: benchmarking in Brief
The term 'benchmarking' [ˈbɛntʃmɑːrkɪŋ] refers to the process of comparing the performance, efficiency, or quality of a company's products or services with those of other companies to improve performance. Benchmarking can be done in various ways, such as process benchmarking, strategic benchmarking, and internal benchmarking. It helps identify areas for improvement and best practices.
