Lesson 3: BENCHMARKING
Simply put, benchmarking is the basic comparison of one organization’s practices and performance against those of others. It can be thought of as a way to conduct research on how to improve a company or business. Benchmarking seeks to identify standards, or “best practices,” to apply in measuring and improving performance. The objective of benchmarking is to find examples of superior performance, in an industry or business, and to understand the processes and practices driving that performance. Companies then improve their performance by tailoring and incorporating these best practices into their own operations. This is done not by imitating, but by innovating.