There is (1) internal benchmarking, which is used to examine and share best practices across an organization and is carried out by comparing specific business processes between or among different teams, departments, or divisions within a company; (2) competitive benchmarking, which is used to evaluate a firm's position within an industry and is used to compare processes or services between or among firms in the same industry; (3) functional benchmarking, which is used to compare the practices and performance results of similar business functions across industries to identify best-in-class processes or practices; and (4) generic benchmarking, which is used to compare and conceptualize similar business practices or processes between or among organizations in different industries and develop new standards.
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