Definition Benchmarking - Definition

Marc

Fully vaccinated are you?
Leader
Benchmarking (1) the process of finding a company that is superior in a particular area, studying what it does, and gathering ideas for improving your own operation in that area.

Benchmarking (2) identifying an organization that appears to do something well and copying or adapting its methods. Studying how well competitors (see Strategic Benchmarking) are meeting customer needs or what other organizations appear to do well can be beneficial, providing management is aware that transferring a method from one set of circumstances to another will not necessarily produce the same results. It is important to have a theory as to why a method or system works and the conditions needed for its success.
 

Wes Bucey

Prophet of Profit
There is a school of thought which considers a "benchmark" as the base point from which to measure improvement versus a target to shoot at. The term is usually found in the phrase "benchmark our progress." I suppose the usage comes from surveyors using an established "bench mark" (two words) as the starting point from which to make measurements.

:topic: In my personal opinion, rarely does "benchmarking" against another organization result in achieving "world class" status; it usually results in becoming a "me too" operation.

I like to see organizations which set their own goals, in an effort to set themselves apart from competitors. Some call it "branding."
 
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