Benchmarking is a process of measuring the performance of a company\u2019s products, services, or processes against those of another business considered to be the best in the industry, aka \u201cbest in class.\u201d The point of benchmarking is to identify internal opportunities for improvement. By studying companies with superior performance, breaking down what makes such superior performance possible, and then comparing those processes to how your business operates, you can implement changes that will yield significant improvements.<\/p>\n\n\n\n
That might mean tweaking a product\u2019s features to more closely match a competitor\u2019s offering, or changing the scope of services you offer, or installing a new customer relationship management (CRM) system to enable more personalized communications with customers.<\/p>\n\n\n\n
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