benchmarking

Vocabulary Word

Definition

'Benchmarking' is measuring the quality of something (like a product, service, or process) by comparing it to a benchmark, which can be industry standards, best practices, or competitors' performance.

Examples in Different Contexts

In the realm of retail, 'benchmarking' can involve comparing sales metrics with industry leaders. A CEO might say, 'By benchmarking against top retailers, we identified areas for growth.'

Practice Scenarios

Tech

Scenario:

The launching speed of our new app has been criticized by users. We need to investigate how our competition is handling this issue.

Response:

Right, I suggest we tackle the issue by benchmarking our app's launching speed against top performing apps in the market.

Quality-Assurance

Scenario:

The production speed of our manufacturing process needs improvement. I wonder how top companies in our field are achieving their efficiency.

Response:

Good suggestion. Let's start benchmarking our process against the industry's best practice to improve our system.