Bench Marking In The Supply Chain: Illustrate Your Point

Bench Marking in the Supply Chain
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Bench Marking in the Supply Chain
Benchmarking involves identifying the most significant standards of excellence for processes, services and products, and making necessary improvements that enable the company to achieve those standards (Sillanpaa, 2015). It involves searching for the best processes and styles and imitating those practices for the benefit of the company. The process of benchmarking is meant to ensure continuous improvement and increase the company’s competitiveness. Benchmarking is widespread and can be useful in enhancing supply chain performance. Supply chain managers are normally challenged when it comes to setting tactical goals and market strategies because of the large amounts of information required to set up. In such cases, benchmarking can be useful in determining how a company’s supply chain is performing by focusing on time, value, and quantity. Through benchmarking, supply chain managers can develop a tangible way of measuring the effectiveness of the main supply chain processes, which creates a solid foundation for the company’s performance. A company can implement qualitative benchmarking that involves analyzing the best practices of the competitor’s supply chain and using such information to improve the performance of the company’s supply chain (Kotta...