What is benchmarking? This video provides a definition of benchmarking, examples of benchmarking, and some advice on what to watch out for when performing a benchmarking study. ⏱️TIMESTAMPS⏱️ 0:00 Introduction to benchmarking 0:14 Benchmarking definition 0:52 Benchmarking example: product benchmarking 1:55 Process benchmarking 2:17 Financial benchmarking 3:22 Limitations of benchmarking There are many different areas where you can apply benchmarking. Some good examples are product benchmarking, process benchmarking, and financial benchmarking. Philip de Vroe (The Finance Storyteller) aims to make strategy, finance and leadership enjoyable and easier to understand. Learn the business vocabulary to join the conversation with your CEO at your company. Understand how financial statements work in order to make better stock market investment decisions. Philip delivers training in various formats: YouTube videos, classroom sessions, webinars, and business simulations. Connect with me through Linked In!