Benchmarking: Setting and Analyzing Performance Standards

"As an expert in business intelligence, guide me through the process of establishing performance benchmarks for [specific industry or business area]. Detail the steps involved in identifying key performance metrics, setting realistic and competitive standards, and leveraging data analysis to gain a competitive advantage. Provide insights on common pitfalls to avoid and suggest methods for continual improvement and adjustment of benchmarks. Structure the response to include real-world examples, potential tools or software for implementation, and strategies for communicating findings to stakeholders effectively."