Supplier Benchmarking

Supplier benchmarking is the process of comparing the performance of one supplier against other suppliers in the same industry. The goal of supplier benchmarking is to identify areas where the company can improve its own performance by adopting best practices from other suppliers.

There are a number of different ways to compare suppliers, but some common metrics include quality, delivery time, cost, and flexibility. supplier benchmarking can be used to assess both individual suppliers and groups of suppliers. The process can also be applied to other areas of business, such as customer service or manufacturing.