What term describes a common practice among the majority of companies in a region?

The term "Industry best practice" refers to the most efficient and effective methods or techniques widely adopted by leading companies within a specific sector. It represents a benchmark of excellence that many organizations strive to achieve, reflecting the optimal way to carry out a process based on the successful experience of those in the industry. By adhering to industry best practices, companies can enhance their performance, ensure compliance with regulations, and meet customer expectations. Such practices evolve over time based on research, development, and innovation, thereby remaining relevant and effective.

While "Industry norm" also captures a general practice within a sector, it does not necessarily denote the highest standard or the most effective methods, as industry best practices do. The term "Common business practice" indicates typical behaviors within business environments but lacks the emphasis on the effectiveness associated with best practices. "Standard operational procedure" typically refers to documented processes within a single organization rather than a broader industry context. Therefore, "Industry best practice" is the most fitting term for describing a widely accepted and high-standard practice among companies in a region.