High Quality Content by WIKIPEDIA articles! Benchmarking is the process of comparing one`s business processes and performance metrics to industry bests and/or best practices from other industries. Dimensions typically measured are quality, time and cost. In the process of benchmarking, management identifies the best firms in their industry, or in another industry where similar processes exist, and compare the results and processes of those studied (the "targets") to one`s own results and processes. In this way, they learn how well the targets perform and, more importantly, the business processes that explain why these firms are successful.