Benchmarking entails identifying best practices in relation to products and the processes by which the products are created and delivered. The purpose of benchmarking is to gain insight and evaluate the current position of an organization.
Benchmarking involves looking outside a specific enterprise, industry or region to investigate how others achieve their performance levels and better understand processes they use. Simply put, benchmarking helps explain the methods behind exceptional performance.
Benchmarking empowers organizations to test its products and services against something else to find out how it compares to other products or services. Benchmarking is generally seen as the standard method of comparing one product to another. In the tech industry particularly, benchmarking is used against competitor products to attain an objective quality measure. Benchmarking is used because most tech products increase steadily in metrics such as speed and storage size when compared to older versions from the same organization.