Benchmarking is a continuous process used in businesses to identify performance gaps and develop strategies to stay competitive. Some examples of successful benchmarking in business include Toyota's production system, which has been benchmarked by many automotive companies for its efficiency. Another example is the benchmarking of Apple's innovation strategies by tech companies. These companies study the practices of these successful businesses and try to implement similar strategies in their own operations.
Comparisons to a top performer or industry leader not only examine the current business performance...
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