Benchmarking is defined as the continuous process of measuring one's products, services, and processes against industry leaders to establish best practices. It involves identifying organizations that have world-class performance, analyzing what makes them successful, and adapting processes to achieve similar results. The key steps of benchmarking include planning what to measure, finding partner organizations, gathering data on their practices, analyzing performance gaps, and implementing changes to close those gaps. Benchmarking provides benefits like improved processes, increased customer satisfaction, and motivation to achieve higher standards. It works best when supported by leadership and used as part of a continuous improvement strategy.