Benchmarking: meaning, definitions and examples
๐
benchmarking
[ หbษnสงหmษหrkษชล ]
performance measurement
Benchmarking is the process of comparing one's business processes and performance metrics to industry bests or best practices from other companies. This practice is often used by organizations to identify areas for improvement, set performance goals, and measure progress. It can involve quantitative measures like productivity and quality, or qualitative measures like customer satisfaction. Benchmarking can be performed internally, against one's own past performance, or externally, against competitors or market leaders.
Synonyms
comparison, evaluation, measure, standard, yardstick
Examples of usage
- We started benchmarking our sales figures against the industry leaders.
- The company implemented benchmarking to refine its operational efficiency.
- Benchmarking allowed us to discover areas where we lagged behind competitors.
Translations
Translations of the word "benchmarking" in other languages:
๐ต๐น benchmarking
๐ฎ๐ณ เคฌเฅเคเคเคฎเคพเคฐเฅเคเคฟเคเค
๐ฉ๐ช Benchmarking
๐ฎ๐ฉ benchmarking
๐บ๐ฆ ะฑะตะฝัะผะฐัะบัะฝะณ
๐ต๐ฑ benchmarking
๐ฏ๐ต ใใณใใใผใญใณใฐ
๐ซ๐ท benchmarking
๐ช๐ธ benchmarking
๐น๐ท benchmarking
๐ฐ๐ท ๋ฒค์น๋งํน
๐ธ๐ฆ ุงูููุงุณ ุงูู ุฑุฌุนู
๐จ๐ฟ benchmarking
๐ธ๐ฐ benchmarking
๐จ๐ณ ๅบๅๆต่ฏ
๐ธ๐ฎ benchmarking
๐ฎ๐ธ benchmarking
๐ฐ๐ฟ ะฑะตะฝัะผะฐัะบะธะฝะณ
๐ฌ๐ช แแแแฉแแแ แแแแแ
๐ฆ๐ฟ benchmarking
๐ฒ๐ฝ benchmarking
Etymology
The term 'benchmark' originates from the practice of surveying and land measurement. In the 19th century, it referred to a mark made on a stone or other permanent structure to serve as a reference point for measuring land elevations. As businesses began to focus on performance metrics, the concept of benchmarking evolved in the late 20th century, gaining popularity in the 1980s and 1990s as organizations sought ways to improve performance by learning from the best in the industry. Today, benchmarking is a common strategic practice across various sectors, including manufacturing, services, and even education, as organizations continually strive for improvement and competitive advantage.