What is the idea behind benchmarking and best practices?

Identifying companies that are the best performers of an activity, and then modifying and adapting their practices to fit the company's own specific circumstances and operating requirements

Determining whether a company has a "world$-$class" value chain

Searching the world for a company that performs a strategically relevant task or value$-$chain activity at the lowest possible cost, and then using businessprocess reengineering techniques to try to meet or beat the costs of the world's low$-$cost performer of that activity

Identifying which companies are the best performers of a strategically relevant activity and then exactly copying their methods