Measuring your performance against that of best-in-class companies, determining how the best-in-class achieve those performance levels, and using the information as a basis for your own company's targets, strategies and implementation is called:

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This is a clear description of benchmarking, which involves comparing your company's performance to that of leading companies in your industry or sector, identifying best practices and strategies that contribute to their success, and using that information to set your own performance targets, develop strategies, and improve processes. Flowcharting is a process for visualizing and analyzing workflows, while reengineering and redesign both refer to radical, often organizational changes to improve efficiency or effectiveness.

Measuring Your Performance Against That of Best-In-Class Companies, Determining How