How Do You Explain Benchmarking?

Hey Maitya, you can understand benchmarking as the process of comparing your company’s results with those of others in your industry to get a better view and understanding of your image and position among your competitors. It helps to identify effective marketing strategies, assure product development and encourage new business ventures and ideas to identify internal opportunities for improvement. Also, it is used to collect data to create long-term business strategies, including reviewing critical functions to increase efficiency and improve performance and thereby applying best demonstrated practices to operations and sales.