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Benchmarks are reference points that you use to compare your performance against the performance of others. These benchmarks can be comparing processes, products or operations, and the comparisons can be against other parts of the business, external companies (such as competitors) or industry best practices. Benchmarking is the practice of comparing business processes and performance metrics to industry bests and best practices from other companies.
There are two primary types of benchmarking:
- Internal benchmarking: comparison of practices and performance between teams, individuals or groups within an organization.
- External benchmarking: comparison of organizational performance to industry peers or across industry.
Internal benchmarking compares performance, processes and practices against other parts of the business. They are usually used to compare processes in one retail store with those in another store in the same chain.
External benchmarking, sometimes described as competitive benchmarking, compares business performance against other companies.
Benchmarking is a systematic management process that helps managers to search and monitor the best practices and/or processes. The search for the best practices may not be limited to direct competitors. The goal is to emulate and exceed the “best in class”. The goal of benchmarking is to make continuous improvements and implement changes in business products, methods and services. Therefore, benchmarking practices provide a better understanding of customer wishes and expectations. This is because customers are the most important data source at every stage of comparison. The Benchmarks Regulation aim is improving the governance and controls over the benchmark process, in particular to ensure that administrators avoid conflicts of interest, or at least manage them adequately improving the quality of input data and methodologies of benchmarks.