Benchmarking is the continuous process of comparing & benchmarking your own activities and performance measured against the most successful firms or competitors in the same market.
The process can lead to a much clearer
understanding of a company’s comparative strengths and weaknesses. In simple
words, knowing how you compare with companies that are offering similar
services or products can help you find areas to improve and innovate.
Benchmarking is a very valuable competitive
analysis tool and should be considered as part of any Competitive Intelligence process.