Organizations today face the ongoing challenge of improving supply chain performance amidst a whirlwind of cross-functional, enterprise, geographic and global complexities. In such a scenario, Benchmarking can serve as an invaluable tool for achieving the best supply chain performance possible with the resources currently available. It enables the executives to focus the spotlight of change on specific aspects of the supply chain through a systematic comparison of costs, performance and processes. Benchmarking tells an organization not only how it is currently performing, but also how much potential for improvement it currently holds.
When executed correctly, Benchmarking can help you achieve the following benefits:
- Gain understanding of how you are performing relative to your competitors
- Compare performance between product lines/business units within your organization
- Instill an accountability based culture within the organization
- Explore performance gaps in detail to identify improvement areas
- Standardize processes and metrics across the organization
- Enable establishing a continuous improvement mindset
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