What does benchmarking aim to achieve?

Benchmarking aims to improve performance by comparing an organization's processes, services, or products against those of leading organizations or industry standards. This practice allows an organization to identify best practices and areas for enhancement, ultimately leading to more effective and efficient operations. Through benchmarking, a company can gather data on performance metrics and evaluate how effectively it achieves its goals relative to peers or industry leaders.

By focusing on performance improvement, organizations can work to enhance quality, streamline processes, conduct timely projects, and boost overall productivity. This emphasis on performance is foundational in any strategic planning initiative as it helps organizations remain competitive in their respective markets.