Benchmarking: Measuring Against the Best

Benchmarking serves as a foundational element for innovation sourcing, allowing organizations to assess their performance, processes, and practices against industry peers or best-in-class benchmarks. By benchmarking, organizations gain valuable insights into areas for improvement, identify opportunities for innovation, and set ambitious yet achievable goals. In this chapter, amongst others, we give the structured benchmarking process together with the different types of benchmarking, a benchmarking case study together with lessons learned, and we challenge benchmarking to give best insights in how to utilize this innovation tool.