If you’re not Benchmarking your performance against your competitors, You’re just playing with yourself. -Al Paison Benchmarking provides competitive advantage to companies. It’s also a relevant topic for ACCA students and equips them with successful implementation of Benchmarking. Benchmarking is a vital management tool, that discovers the best practices behind the success of industry leaders in similar or different industries. The information collected from Benchmarked companies is then analyzed and used to compare and measure the performance of your company’s products, services and processes to identify and bridge the gaps in the areas, where improvements are needed. Thus enabling your company to attain competitive advantage. Prerequisite to Benchmarking A committed top management and its well-trained team is a prerequisite to successful implementation of Benchmarking Steps. It’s imperative to form a Benchmarking team. The initial task of this Benchmarking team will be to select com