There is (1) internal benchmarking, which is used to examine and share best practices across an organization and is carried out by comparing specific business processes between or among different teams, departments, or divisions within a company; (2) competitive benchmarking, which is used to evaluate a firm’s position within an industry and is used to compare processes or services between or among firms in the same industry; (3) functional benchmarking, which is used to compare the practices and performance results of similar business functions across industries to identify best-in-class processes or practices; and (4) generic benchmarking, which is used to compare and conceptualize similar business practices or processes between or among organizations in different industries and develop new standards.
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About the Author: Carmen Yeung
As a marketing associate at Synthesio, Carmen creates content related to social intelligence and marketing by making connections between Synthesio's software and real-world applications. She also works to monitor and optimize Synthesio's social platforms. Outside of work, she enjoys reading, dabbling in art, and spending time with family and friends.