Benchmarking: meaning, definitions and examples

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benchmarking

 

[ หˆbษ›nสงหŒmษ‘หrkษชล‹ ]

Noun
Context #1 | Noun

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:

๐Ÿ‡ต๐Ÿ‡น benchmarking

๐Ÿ‡ฎ๐Ÿ‡ณ เคฌเฅ‡เค‚เคšเคฎเคพเคฐเฅเค•เคฟเค‚เค—

๐Ÿ‡ฉ๐Ÿ‡ช Benchmarking

๐Ÿ‡ฎ๐Ÿ‡ฉ benchmarking

๐Ÿ‡บ๐Ÿ‡ฆ ะฑะตะฝั‡ะผะฐั€ะบั–ะฝะณ

๐Ÿ‡ต๐Ÿ‡ฑ benchmarking

๐Ÿ‡ฏ๐Ÿ‡ต ใƒ™ใƒณใƒใƒžใƒผใ‚ญใƒณใ‚ฐ

๐Ÿ‡ซ๐Ÿ‡ท benchmarking

๐Ÿ‡ช๐Ÿ‡ธ benchmarking

๐Ÿ‡น๐Ÿ‡ท benchmarking

๐Ÿ‡ฐ๐Ÿ‡ท ๋ฒค์น˜๋งˆํ‚น

๐Ÿ‡ธ๐Ÿ‡ฆ ุงู„ู‚ูŠุงุณ ุงู„ู…ุฑุฌุนูŠ

๐Ÿ‡จ๐Ÿ‡ฟ benchmarking

๐Ÿ‡ธ๐Ÿ‡ฐ benchmarking

๐Ÿ‡จ๐Ÿ‡ณ ๅŸบๅ‡†ๆต‹่ฏ•

๐Ÿ‡ธ๐Ÿ‡ฎ benchmarking

๐Ÿ‡ฎ๐Ÿ‡ธ benchmarking

๐Ÿ‡ฐ๐Ÿ‡ฟ ะฑะตะฝั‡ะผะฐั€ะบะธะฝะณ

๐Ÿ‡ฌ๐Ÿ‡ช แƒ‘แƒ”แƒœแƒฉแƒ›แƒแƒ แƒ™แƒ˜แƒœแƒ’แƒ˜

๐Ÿ‡ฆ๐Ÿ‡ฟ benchmarking

๐Ÿ‡ฒ๐Ÿ‡ฝ 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.

Word Frequency Rank

Positioned at #22,849, this word is part of extensive vocabulary. It's relatively rare in general usage but may be important in specific fields or formal writing.