What is Bench Marking? How Bench marking is used in Business ?

It is the Minimum standard mark to for the work/ services/ profession etc etc . It is vital for every business. Benchmarking is the process of comparing one's business processes and performance metrics to industry bests or best practices from other companies. A measurement of the quality of an organization's policies, products, programs, strategies, etc.

It tells you where you stand and what changes are required to achieve those standards.By Benchmarking you will discover:

• Who performs the business process very well and has process practices that are adaptable to your own organization
• Who is the most compatible for you to benchmark with
• If you need to conduct a comprehensive benchmark study or if you can obtain80-90% of what you need from just using the telephone, email, or an electronic survey to communicate your needs with other members on The Benchmarking Exchange

Benchmarking is the process of determining who is the very best, who sets the standard, and what that standard is.

There is no single benchmarking process that has been universally adopted. The wide appeal and acceptance of benchmarking has led to the emergence of benchmarking methodologies. 

Benchmarking is not just a matter of making inquiries to other companies or touring and documenting another company’s facilities or processes. When making use of benchmarking, a company should not limit the scope to its own industry, nor should benchmarking be a one-time event.

Bench marking is the measurement of the quality of a company's performance compared to the industry standards. Industry Best practices or industry standards will be the criteria to compare the efficiency of a companies performances 

Benchmarking involves continuously evaluating

the practices of best-in-class organizations and

adapting company processes to incorporate the

best of these practices.

standard or point of reference against which things may be compared or assessed

There are a lot of indicators that contribute to determining the most appropriate solutions and offers best suited for management in making important decisions, especially Macs Such indicators Financial analysis ratios Which put the administration on the right track for the continuity of the company and its success

Thank you mr Jetley (in addition to others)

Benchmarking is the process of comparing one's business processes and performance metrics to industry bests or best practices from other companies. Dimensions typically measured are quality, time and cost.

Benchmarking is a systematic process for identifying and implementing best or better practices.

Benchmarking is a way of discovering what is the best performance being achieved whether in a particular company, by a competitor or by an entirely different industry. This information can then be used to identify gaps in an organization’s processes in order to achieve a competitive advantage.

In general we cad define Benchmarking

Its a standard of excellence, achievement, etc., against which similar things must be measured or judged

In Business

Its the process of setting a baseline or standard for your organization–so you can measure your performance over time, find areas for improvement, and set goals