What is the name of the process in which one company studies the processes of another firm in order to identify best practices?

Answer: Benchmarking

Explanation: Benchmarking refers to the practice in which a company compares its performance with the industry superiors for setting its goals.

The factors to be considered while benchmarking are time, quality and cost of operations to be performed. The company sets benchmark in such factors and tries to achieve those for better performance results.