Business Connection — Importance of benchmarking

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Posted: Saturday, March 3, 2012 10:58 pm

The term benchmarking originates from surveying terminology where it was used to denote a mark representing a given altitude and against which other heights could be calibrated or “benchmarked.” In the most general terms, it has come to mean any standard against which something is compared. In business terms, benchmarking is comparing your business to others to understand your current position and learn from it.

Benchmarking can show you where your weaknesses are, which areas you can improve, new or different ways to do things, strategies for improvement, what is possible, where your strengths are and how to maintain them, and where you can increase efficiency. The underlying reason for benchmarking is to learn how to improve your business process and thereby increase your competitiveness.

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