Benchmarking: Comparing performance over time and against industry norms.

The article discusses the benchmarking process in the feed and grain business. The author notes that benchmarking is best used as part of the feed and grain business's annual or strategic plan or both. There are five general categories of performance measures, including efficiency, quality, timeliness, productivity, and safety, which serve as standards for evaluating and improving one's business. One benefit of benchmarking is its ability to set goals and standards for the company.