What are the benefits of benchmarking?

Benchmarking is the process of comparing performance in a company to the industry as a whole or other units. This ensures better quality, lower cost and overall economy.

Benchmarking can be done in various processes such as Financial benchmarking,Process benchmarking,performance or product benchmarking.

yes benchmark benefits the company, the work go on a perfect process

Bench marking helps an organization to compare itself against the competition in market with businesses of similar types in terms of turnover....

Benchmarking is required to established the desired standards of quality that is necessary to be maintained, thus ensuring uniformity in the product quality while not letting the product go below or above the specified standards.

Bench mark mostly help in company reputation and to increase the company turnover