What is benchmarking, and why is it important?

By definition, to benchmark is to evaluate or compare with a pre-set standard. When a business analyst is benchmarking, they take a deep dive into a competing organization and then use those marks to set a standard for the company they are working with.

This deep dive could include hiring practices, return policies, product development, manufacturing procedures, and more. Explain to the interviewer how you, as a successful business analyst, use benchmarking to help your clients achieve their goals.