Supply Chain Benchmarking Definition
Supply chain benchmarking is the process of comparing one’s own performance metrics against those of other companies in the same industry, with the goal of identifying gaps and opportunities for improvement. The first step is to identify relevant metrics to compare, which can vary depending on the company’s specific goals and objectives. Once benchmarks have been established, companies can track their progress over time and make adjustments to their operations as needed.
supply chain benchmarking can be an invaluable tool for improving efficiency and effectiveness, but it is important to remember that not all companies are created equal. For example, a company that manufactures complex products will likely have different needs and constraints than a company that sells simple products. As such, it is important to tailor the benchmarking process to fit each individual company’s unique circumstances.
