Benchmarking

Benchmarking is a process where companies continuously compare their performance and processes to other top performing companies in order to identify best practices, improvements, and gain a competitive advantage. There are various types of benchmarking including competitive, process, performance, and internal benchmarking. The benchmarking process involves identifying an area for improvement, finding companies that excel in that area, collecting and analyzing data on practices and performance, identifying any gaps, implementing changes, and continually monitoring progress. Xerox significantly improved its market share, costs, and customer satisfaction through benchmarking its production, distribution, and service processes against other leading companies.