As the economy becomes more and more global, businesses are forced to stay ahead of an increasing number of competitors. The organizations that succeed will be the ones who take the time to understand their competitors, then consistently outperform them in key areas.Benchmarking is the process of researching competitors and peers and setting internal performance goals based on that research. By examining other companies’ KPIs in areas of significant importance, such as sales, profits, or productivity, then comparing those indicators to internal performance, a company can allocate resources and prioritize objectives more strategically.