1. the process of comparing one's business processes and performance metrics to industry standards or best practices from other companies
Usage: business

1. to compare (something) with a standard or point of reference

Examples

• The company is benchmarking its customer service against industry leaders.
• Benchmarking helps organizations identify areas for improvement.
• We need to benchmark our sales performance against our competitors.
• The team spent months benchmarking different software solutions.
• Effective benchmarking requires accurate data collection.
• They are benchmarking their manufacturing processes to reduce costs.