Why is Benchmarking and What does it have to do with Best Practices?

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Why is Benchmarking and What does it have to do with Best Practices?

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Benchmarking is the process of comparing business process and performance to industry bests and best practices from other companies in aspect of cost, quality and time.

also called process benchmarking or best practice benchmarking

benchmarking is important to inculcate best practices as same processes and procedure are compared in other industries of same category to seek improvement in performance.

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Why is Benchmarking and What does it have to do with Best Practices?

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