Benchmark

A benchmark refers to a reference point or standard against which performance, efficiency, or quality is measured. Benchmarks are used to evaluate and compare different aspects of operations, processes, or performance metrics within the industry. They can include key performance indicators (KPIs) such as cost per unit, on-time delivery rates, inventory turnover, or customer satisfaction scores.  

By establishing benchmarks, companies can assess their performance, identify areas for improvement, set goals, and benchmark their performance against industry standards or competitors to drive continuous improvement and achieve desired outcomes.