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Definition: Benchmarkin

Benchmarking, as the name suggests is a process of comparing performance of one’s own firm with a firm that is the best in the industry or best in a related industry.

Benchmarking can be both within the industry and with another industry. Benchmarking within the industry becomes important if an industry with similar processes is not available.

The performance isn’t measured only as a single number but in terms of quality, time and cost.

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