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Benchmarking
Benchmarking is a process of comparing a company’s performance, practices, and processes against industry leaders or best-in-class companies. The objective is to identify areas for improvement, set performance goals, and learn from successful competitors. Benchmarking can be done in various areas, including operational efficiency, customer satisfaction, product quality, and financial performance. By benchmarking, companies can gain insights, adopt best practices, and make strategic adjustments to enhance their competitive position.