Benchmarking

Benchmarking is a method used by organizations to compare their performance, processes, or practices with peer organizations or those in other business sectors. This method can focus on performance, in which case one identifies the most important indicators of success and then compares one's own performance with that of other organizations. The focus can also be a particular process, such as billing or information technology. This method is common in business and industry, and it has seen growing acceptance in the public sector, where it is most associated with the identification of best practices. Often, benchmarking is a collaboration among like organizations that attempts both to identify important indicators of success and to provide data to the collaborating organizations about performance.

One example of benchmarking is ...