Benchmarking is a process to measure and compare a company’s performance, products, or processes against industry standards, competitors, or best practices. It is an effective way to identify areas of improvement, strategies for the implementation of business. 

Types of Benchmarking

• Internal Benchmarking: Comparison of the performance within different departments or units of the same organization.
• Competitive Benchmarking: Analyzing the performance directly with competitors to identify strengths and weaknesses of your business processes. 
• Industry Benchmarking: Evaluating performance against industry-wide standards or leaders. To understand where your business is lacking.
• Strategic Benchmarking: Examining best practices from other industries to drive innovation and growth and make the business more flexible.