A benchmark is a level of quality and set of standards that are used as points of reference against which other things may be evaluated or compared. There are different uses of a benchmark.
In business, benchmarking is used to compare an organization’s production or service processes, marketing strategies, financial statements, overall operations, and performance, with another competitor organization. In addition, it can be used in the hospitals or other organizations such as schools.
Benchmarking is very important because it helps to check processes and discover ways that performance can be improved. For this reason, individuals can as well benchmark themselves. It can help you to set standards for yourself, compare your previous performance to your present and see how you can improve.
Cole Pike
