Benchmarking is the process of gathering, analysing and evaluating the world outside your organization and comparing it to your own. The result of this process becomes the cornerstone of the organization’s improvement. It is dependent on the organization’s determination to discover and continuously monitor industry leaders and the best practices they employ in business. Though the process is deceptively simple, it requires much time for planning, implementation and interpretation of data.
The secret underlying benchmarking is the notion of “best.” The way we define and use “the best” will determine the yardstick used to define and measure performance. Once this characteristic has been defined and measured by the organization, this knowledge is used to evaluate and/or improve your own processes.
Source: Poornima M. Charantimath (2017), Total Quality Management, Pearson; 3rd edition.
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