Benchmarking: a. is used to measure the speed and responsiveness of information technology. b. synchronizes the business processes of customers, suppliers, and trading partners. c. allows industry participants to develop industry-wide standards. d. coordinates the value chains of independent firms to enable them to collectively produce a product or service. e. compares the efficiency and effectiveness of your business processes against strict standards.

Benchmarking is a means of comparing an entity's processes and performance in a given period to industry bests results and practices as obtained from other companies within the same or similar industry. Basically, there are 4 types of benchmarking.

These are internal, competitive, functional, and generic. As such, benchmarking is compares the efficiency and effectiveness of your business processes against strict standards.