A comparison tool used to determine the level of process, product, or other successes your company is experiencing when compared to similar companies with similar products or processes; typically competitors.
Methods include tracking metrics like On-time Delivery, Defective Parts Per Million produced, wages paid, market share growth and projections, etc.
Note: Most successful companies use benchmarking to identify strengths and weakness as compared to competitors and make needed adjustments.
Creating a Lean Organization that is strong and capable will be one of your greatest achievements.
