benchmarking
n. uncountable B2 Upper Intermediate UK //bˈɛntʃmɑːkɪŋ// bench·mark·ing
n. the process of comparing your work or results to a standard or to other people's work to see how well you are doing.
n. the practice of comparing one's business processes and performance metrics to industry best practices or other companies. Often used to identify areas for improvement or to establish a standard of excellence.
The company uses benchmarking to improve its customer service.
By conducting regular benchmarking against its competitors, the firm identified that its delivery times were significantly slower than the industry average.
Strategic benchmarking involves a systematic analysis of how other organizations achieve superior results, allowing a company to adopt proven methods while avoiding the pitfalls of direct imitation.