Benchmarking
Example
A software company might use benchmarking to compare its product development cycle times against industry leaders, helping it identify ways to speed up its processes and improve efficiency.
Definition
Benchmarking is the process of comparing your business processes and performance metrics to industry best practices from other companies. This analysis helps organizations understand where they stand in relation to their competitors, identify areas for improvement, and adopt strategies that can enhance efficiency, productivity, and profitability.
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