Explain the steps of Benchmarking

Planning Analysis Integration Action 1 Identify what is to be benchmarked. 2 Identify comparable companies. 3 Determine data collection method and collect data. 4 Determine current performance 'gap! 5 Project future performance levels. 6 Communicate benchmark findings and gain acceptance. 7 Establish functional goals. 8 Develop action plans. 9 Implement specific actions and monitor progress. 10 Recalculate benchmarks.