What is it?
Practice
CIMA Official Terminology defines benchmarking as the 'establishment, through data gathering, of targets and comparators that permit relative levels of performance (and particularly areas of underperformance) to be identified. Adoption of identified best practices should improve performance.’
Benchmarking exercises may involve either the whole organisation, or a part of it, but always require the involvement of more than one party or partner. They may be classified as either results-based, which compares performance metrics, or process