Benchmarking is a parameter to compare performance on the selected target. Example: In a twenty over cricket match if Team A batting first score 200 runs. Then, to win the match, benchmark for Team B, is to score in an average ten+ runs per over, without losing wickets.
Selecting the benchmark is important. One could select average performance of others as benchmark. One could target number one performer’s performance as benchmark. Benchmarking is applicable to any product, process, function or approach in business.
C MARC : CPR benchmarking parameters are used as a tool to evaluate opportunities for improvement.
C MARC : CPR Benchmarking parameters help to improve performance through continuous learning. Continuous improvement is achievable when benchmarking is effectively used and its results are continuously monitored.