BENCHMARKING

I work for a medium sized manufacturing firm in the US. We produce and sell after market motorcycle parts throughout North America and Europe. We’re undergoing a process re-engineering for our design process. My team leader wants me to "benchmark" our current processes.

QUESTION #1: What is Bench Marking?
QUESTION #2: Why benchmark our processes if we are changing them?
QUESTION #3: What can we BenchMark?
QUESTION #4: What are the advantages of BenchMarking?
QUESTION #5: How do you perform benchmarking?
QUESTION #6: Are there specific steps or programs we can use?
QUESTION #7: Should all companies benchmark?