Anyone dealing with parcel contract benchmarking should know exactly what it is and how it works. The Youtube video “What is benchmarking?” provides a complete explanation.
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It’s vital to know what this concept entails. Benchmarking is the practice of making a list or table of meaningful comparisons of people to their peers and finding opportunities to improve. The person doing the benchmarking will decide what constitutes “meaningful” and what kind of groups or things they’ll be comparing. However, benchmarking is used to contrast people against the “best in class” person to determine who is the current leader in the field. This way, companies can know who their main competition is and what the employees must do to improve.
Benchmarking can be used in many industries, but you might find it commonly associated with product companies. Suppose you’re the product manager, or even a client looking for a specific item. In that case, you’ll probably compare all the products available – from their prices to their specifications and how they work.
You can check the rest of the video for more details about benchmarking.