Industry Benchmarking is a process of evaluating and analyzing your company’s performance metrics against competing businesses in the same industry. It allows you to track how your performance is improving or declining, so that you can make informed decisions on how to improve your competitiveness and stay ahead of the competition. Benchmarking also allows you to compare yourself with the best practices in the industry, so that you can constantly strive to be better. By using industry benchmarking, you can increase profitability, productivity, and efficiency while gaining insights into your own business operations.