Definition, Meaning & Synonyms

benchmarking

noun

/ˈbɛnʧˌmɑrkɪŋ/

Definition

The process of comparing performance metrics of a business, product, or service against the best practices in the industry.

Examples

Benchmarking against industry leaders helped the company improve its production efficiency.
The software development team used benchmarking to evaluate their programming practices.
After implementing benchmarking techniques, the organization saw a significant increase in customer satisfaction.

Meaning

Benchmarking involves assessing various aspects of a company’s operations and workflows to identify areas for improvement, typically by comparing them to competitors or leaders in the market.