What is the process of identifying organizations that excel in certain operations and modeling after them called?

The process of identifying organizations that excel in certain operations and modeling after them is known as benchmarking. This practice typically involves comparing specific metrics, processes, and practices from the leading organizations in the industry, often referred to as "best-in-class" companies.

The goal of benchmarking is to learn from these high-performing entities to enhance one's own processes and improve overall performance. It enables organizations to adopt proven strategies, achieve operational excellence, and remain competitive within their respective markets. Through benchmarking, companies can identify gaps in their own performance and implement changes that lead to more efficient and effective operations.

This process focuses on continuous improvement and learning from others, allowing organizations to set goals based on what works best in the industry. Analysts often collect data on various aspects such as time, cost, and quality to ensure a thorough evaluation, which is central to the benchmarking approach.