Benchmarking

Benchmarking has different meaning to different people. There are five types of benchmarking, namely internal benchmarking, competitive benchmarking, industry / functional benchmarking, process / generic benchmarking and collaborative benchmarking. Each type of benchmarking has its own advantages as well as disadvantages. Therefore it is important to know what kind of benchmarking is suitable to a specific application. This paper will discuss those five types of benchmarking in detail, including the process of implementing benchmarking