Benchmarking: What Does It Stand For?
Benchmarking: What Does It Stand For?
Benchmarking is a strategic approach used in management to compare the performance of an organization’s processes and practices against those of its competitors or industry standards. It is a critical tool in the field of Information Technology, Collaboration, Project Management, Change Management, and Business Management.
It involves identifying “best practices”, the standards of excellence for the processes, and comparing one’s own performance against these standards. The goal is to identify areas of improvement, develop action plans, and monitor progress over time.
There are different types of benchmarking, including process benchmarking, performance benchmarking, strategic benchmarking, and functional benchmarking. Each type has its own unique approach and purpose, but all aim to improve organizational performance.
For more detailed information about benchmarking, you can visit the Wikipedia page on the topic.
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