"Benchmarking is simply about making comparisons with other
organizations and then learning the lessons that those comparisons
reveal". Source: The European Benchmarking Code of Conduct
Benchmarking is a planning term used by industries and governments
around the world to mean the identification of that which is of
the best or of the highest standard.
As practiced, Benchmarking almost always occurs as a collaborative
process in which members of the same industry, or participants from
different industries, share information. Typically the shared information
is about business processes with the intention of identifying excellence
and developing an understanding of how excellence is achieved.
Benchmarking addresses the question, “How one can improve
by learning from others?” Benchmarking is inexorably tied
to concept of best practices, also called business excellence or
A typical Benchmarking process includes: