The process of comparing an organization’s performance, practices and procedures with those of leaders in the same or a different field of activity, in order to identify areas for improvement.
Source: UNEVOC/NCVER 2009, Global

A process of comparing an organization’s or company’s best practices to that of other organizations or companies using objective and subjective criteria. The process compares programs and strategic positions of competitors of exemplary organizations to those in the company reviewing its status for use as reference points in the formation of organization decisions and objectives. Comparing how an organization or company performs a specific activity with methods of a competitor or some other organization doing the same thing is a way to identify the best practice and to learn how to lower costs, reduce defects, increase quality, or improve outcomes linked to organization or company excellence.
Source: TESDA 2010, Philippines

Practices that enable us to make mutually intelligible and useful judgements about the comparative value of qualifications.
Source: SADC 2011, Southern Africa