Benchmarking is the process of comparing one's business processes and performance metrics to industry bests or best practices from other companies in order to identify areas of improvement and gain a competitive edge. It enables organizations to assess their performance in comparison to their peers, to evaluate what works and what could be improved, and to make necessary changes to their operations and strategies in order to achieve greater success. By observing the practices and results of leading organizations, businesses can benchmark their performance and make informed decisions to optimize their performance and stay ahead of their competition.

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