Usually means: Measuring performance against industry standards.
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We found 21 dictionaries that define the word benchmarking:

General (8 matching dictionaries)
  1. benchmarking: Merriam-Webster
  2. benchmarking: Collins English Dictionary
  3. Benchmarking, benchmarking: Wordnik
  4. benchmarking: Cambridge Advanced Learner's Dictionary
  5. benchmarking: Wiktionary
  6. benchmarking: Dictionary.com
  7. Benchmarking (geolocating), Benchmarking (journal), Benchmarking: Wikipedia, the Free Encyclopedia
  8. benchmarking: TheFreeDictionary.com

Business (8 matching dictionaries)
  1. Travel Industry Dictionary (No longer online)
  2. INVESTORWORDS (No longer online)
  3. Benchmarking: Management Methods, Models, and Theories
  4. Benchmarking: Management Dictionary
  5. benchmarking: Legal dictionary
  6. benchmarking: Financial dictionary
  7. Accounting, Business Studies and Economics Dictionary (No longer online)
  8. BusinessDictionary.com (No longer online)

Computing (2 matching dictionaries)
  1. Benchmarking: Linktionary Networking Glossary
  2. benchmarking: Encyclopedia

Medicine (3 matching dictionaries)
  1. Medical Dictionary (No longer online)
  2. online medical dictionary (No longer online)
  3. benchmarking: Medical dictionary

(Note: See benchmark as well.)

Definitions from Wiktionary (benchmarking)

noun:  A performance measurement according to a benchmark.

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