Benchmarking involves measuring a company's performance against industry leaders to determine how the best perform and using that information to set targets and strategies. It is a systematic process of continuous evaluation and comparison with other organizations to optimize processes. There are various types of benchmarking including competitive, generic, strategic, and process benchmarking. The benchmarking process involves four phases - planning, analysis, integration, and taking action.

1. Benchmarking
What is benchmarking?
Ans=Benchmarking id defined as measuring our performance against that of best in class companies,
determining how the best –in-class achieve those performance levels and using the information as a
basis for our own companies targets, strategies and implementations.
A benchmark is a point of reference against which things are measured .in business these points of
reference or standards can take any forms. they are measured by questions about the products or
service(eg how many ,how much time, how much money, how reliable or how well made is it?
Thus Benchmarking is a continuous systematic process of evaluating and comparing the capability of
one organization with others normally recognized as industry leaders for insights for optimizing the org
processes.
Organizations current Performance of best
performance companies of industry leaders
Adaptation from
learning
Best in the class performance
Benchmarking
Reasons for Benchmarking
(a)Learning from best practices from any industry and incorporating them for improvement
(b)Helping an org to understand its current performance
©Encouraging for continuous improvement projects
(d)Improved customer satisfactions
(e)Improves competitiveness
(f)Enhances productivity
(g)Helps in thinking out of box
(h)Stimulates motivation among the employees.

2. Types of Benchmarking
1.Competitive benchmarking
2.Generic benchmarking
3.Strategic benchmarking
4.Process benchmarking
5.Functional benchmarking
6.Internal benchmarking
7.External benchmarking
8.International benchmarking
Four Phases of Benchmarking
=Planning
=Analysis
=Integration
=Action
Benchmarking process:-