Benchmarking is the process of measuring key business metrics and practices and comparing them—within business areas or against a competitor, industry peers, or other companies around the world—to understand how and where the organization needs to change in order to improve performance.

What is meant by benchmark process?

In business, benchmarking is a process used to measure the quality and performance of your company's products, services, and processes. ... Determining how and where other companies are achieving higher performance levels than your company has been able to achieve.

What are the 4 steps of benchmarking?

The Benchmarking Steps

Four phases are involved in a normal benchmarking process – planning, analysis, integration and action.