Benchmarking is a continuous process of measurement of the quality or process of an organization’s policies, products, strategies, etc and its comparison with standard measurements or competitors. Benchmarking is not a single event, but it is a continuous process to identify improvement opportunities. It is an important approach for organizations to analyze the performance by comparing with industry or competitors and identify the performance gaps. It identifies problem areas of organization, so that they could focus to improve performance. The objectives of benchmarking techniques are to analyze how other organizations achieve the high-performance level and to use this information for improving performance of the organization.

Organizations can evaluate the performance of its investment and analyze the weakness and opportunity of projects by the use of benchmarking. It is effective for organization to select or invest in right project. Benchmarking is planned and systematic process to identify the differences between the actual and standard performance. It is a related concept of the learning organization. Learning organizations improves performance through analyzing their performance from strong competitors. Benchmarking helps learning organization to understand market conditions and business processes. Benchmarking goal is to identify improvement opportunity, so that learning organization leaders can take necessary actions to change the strategy and improve organization performance. Organization must select the appropriate benchmarking method to explore the weakness and opportunities areas. A company can use the benchmarking process on a regular basis to remain competitive and perform as well as compare to its competitors.

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