Benchmarking – best practices: an integrated approach

The essence of benchmarking is the process of identifying the highest standards of excellence for products, services, or processes, and then making the improvements necessary to reach those standards – commonly called “best practices”. Various companies have adopted benchmarking and customized the methodology to suit their needs. A five‐step benchmarking model is suggested in this paper as a model to be used when undertaking a benchmarking study. Two case studies are enumerated and a comparison presented.