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Benchmarking Data

Benchmarking data refers to the practice of comparing a company's performance against that of other companies in the same industry or market. The goal of benchmarking is to identify areas where a company is performing well or poorly relative to its competitors and to develop strategies to improve performance.

The data used for benchmarking can come from various sources, including financial statements, industry reports, customer surveys, and competitor analysis.

For example, a retail company might use benchmarking data to compare its sales, customer satisfaction scores, and employee turnover rates to those of other retailers in its market.

The data can then be used to develop goals and strategies to improve performance in specific areas.

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