Benchmarking is a strategic process that involves comparing an organization’s operations, performance, or products with industry leaders or best practices. It helps identify strengths, weaknesses, and areas for improvement, enabling businesses to enhance efficiency and competitiveness. By analyzing metrics such as cost, quality, speed, and customer satisfaction, companies gain insights to refine strategies and achieve higher standards. More than just measurement, benchmarking drives innovation and continuous improvement, ensuring long-term success in a competitive marketplace.
Benchmarking: A Strategy for Performance Excellence
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