Updated: Aug 31
Benchmarking is the level of quality achievement established by one company that other companies
seek to achieve.
Benchmarking is basically of four types:
Internal Benchmarking is the comparison of the department following a process in a company with the other departments of similar process within the same company.
Competitive Benchmarking is the comparison of the company with its direct competitor. For e.g. Maruti Suzuki vs Hyundai.
Functional Benchmarking is the comparison/competition with other industry but with similar process. For e.g. allopathy vs ayurveda.
Generic Benchmarking is comparison with the unrelated business process that can be practiced in similar ways regardless of the industry like ease of payment from customer’s side, order fulfillment etc.