Benchmarking is the process of measuring and comparing the performance of a system, product, or service to a standard, established product, or service. Benchmarking can be used to assess the relative performance of a system, whether it is a computer system, a network, or a business process. Benchmarking is a process of identifying a standard or established performance level, and then comparing the performance of a system or process to that standard.
Benchmarking is an important tool for assessing the performance of an organization, as it allows for comparison to industry and peer groups. It can be used to measure the effectiveness of a system, product, or service, as well as to identify areas for improvement. Benchmarking can also be used to identify best practices, and to assess the performance of a system relative to other systems in the same sector or industry.
The process of benchmarking begins with the identification of a standard or established performance level. This can be a performance level that has been achieved by a peer group, or a performance level that has been established by an industry standard. Once this performance level has been identified, the performance of the system or process being assessed can be compared to the standard. This comparison can then be used to identify areas where the performance of the system or process falls short, as well as areas where it is excelling.
Benchmarking is a valuable tool for assessing the performance of a system or process. It allows for comparison to industry and peer groups, and can be used to identify areas for improvement. Furthermore, it can be used to identify best practices, and to assess the performance of a system relative to others in the same sector or industry.
References
Baxter, D. W. (2011). Benchmarking. In Encyclopedia of Management (pp. 109-111). Sage Publications Ltd.
Harrington, H. J. (1991). Business process improvement: The benchmarking way. New York: McGraw-Hill.
Kumar, V., & Makolm, J. (2004). Benchmarking: A process for performance measurement and management. London: Routledge.
Linder, J. C., & Cantrell, S. H. (Eds.). (2008). Benchmarking in higher education: A global perspective. San Francisco, CA: Jossey-Bass.
Tucker, A. L., & Edersheim, E. (1995). Benchmarking for best practices: Winning through innovative adaptation. New York: McGraw-Hill.