Question

This is when one company compares itself to another relative to operations performance.

Short answer

Benchmarking is the research for best practices in the industry that contribute to higher productivity.

Step-by-step solution

Benchmarking

Benchmarking is the practice of comparing one's organization to a lot of rivals using a predefined set of measures. This is used to assess a corporation's performance in comparison to that of others during the duration.

This is when one company compares itself to another relative to operations performance is benchmarking

Benchmarksare points of reference that customers may use to compare one's productivity to that of others. These benchmarks might compare procedures, items, as well as activities to other aspects of the organization, outside firms (including such rivals), as well as industry standards.

Benchmarking is a strategic tool that compares the performance of firms as well as goods to the greatest performances of other organizations both within and outside of the sector.