How can “benchmarking” be defined in the context of Celonis?

Benchmarking in the context of Celonis refers to the practice of comparing process performance metrics against industry standards or best practices. This allows organizations to determine how well their processes are performing relative to their peers or to established benchmarks within their industry. By identifying gaps between their current performance and these benchmarks, organizations can pinpoint areas for improvement, understand competitive positioning, and implement strategies to enhance efficiency and effectiveness.

In process mining, benchmarking is crucial because it helps businesses understand where they stand in relation to others and guides them in making data-driven decisions to improve their operations. Utilizing benchmarks, companies can set realistic performance targets based on proven best practices and measure their progress over time.

The other choices do not address the broader context of external comparisons which are essential in benchmarking. Evaluating internal processes without external comparisons does not provide the necessary context for improvement; analyzing customer feedback is important but focuses solely on customer experience rather than process performance; and tracking changes in financial performance over time does not inherently involve comparing against industry standards or best practices.