Originating in a technique to measure the precision of riffles, the idea behind benchmarking is that of comparing a performance against another to assess one’s own level. [1]
Nowadays, in the benchmarking process, the performance of a product, service or process is measured against that considered “best in class”, or the best in the industry to identify opportunities for improvement. [2] By analysing the top performer one is competing against, it is possible to see what winning strategies they are implementing, what features are the most successful etc, therefore allowing for targeted improvements. Types of benchmarking include strategic benchmarking, process benchmarking, functional benchmarking, internal & external benchmarking, and international benchmarking.