Question

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

Answer 1

compares the efficiency and effectiveness of your business processes against strict standards.

Step-by-step explanation:

Benchmarking is a process of measuring the performance of a company’s products, services, or processes against those of another business considered to be the best in the industry, aka “best in class.” The point of benchmarking is to identify internal opportunities for improvement.