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Benchmarking as a Tool to Improve

If you owned your own business, how would you go about using benchmarking as a tool to improve? What company comes to mind when you think of benchmarking?

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Benchmarking is a process, which evaluate various aspects of their processes in relation to best practice, usually within their own sector. This then allows divisions/organizations to develop plans on how to adopt such best practice, usually with the aim of increasing some aspect of performance.
Benchmarking is simply about making comparisons with other organizations and then learning the lessons that those comparisons throw up".
Source: The European Benchmarking Code of Conduct
"Benchmarking is the continuous process of measuring products, services and practices against the toughest competitors or those companies recognized as industry leaders (best in class)".
Source: The Xerox Corporation

Benchmarking will help us in measuring the performance and has a standard to ...

Solution Summary

This solution discusses the use of benchmarking as a tool for improvement.