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 nonprofit sectors, 'benchmarking' can involve comparing impact strategies with successful organizations. A consultant could suggest, 'Benchmarking our outreach against leading nonprofits could boost our effectiveness.'

Practice Scenarios

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.

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.