Benchmarking is a process of evaluating performance by comparing metrics over time or between configurations. The document discusses benchmarking software performance, focusing on speed as an important and easy-to-measure metric. It introduces Benchmarker.py, a tool for Python code benchmarking that collects execution time data and integrates with CodeSpeed for visualization. Key aspects of effective benchmarking discussed include choosing representative tests, controlling the test environment, and maintaining a historical performance archive.