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What is benchmarking and how can it be explained in 2-3 sentences?

Benchmarking is a process of comparing and measuring an organization's performance against industry best practices or competitors...

Benchmarking is a process of comparing and measuring an organization's performance against industry best practices or competitors to identify areas for improvement. It involves analyzing key performance indicators and processes to understand where an organization stands relative to others in the same industry. By benchmarking, companies can gain insights into their strengths and weaknesses, leading to the development of strategies to enhance their performance and competitiveness.

Source: AI generated from FAQ.net

Keywords: Comparison Analysis Performance Standard Measurement Improvement Competitive Efficiency Best Practice

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