What is Supply Chain Benchmarking, Why do it and How to do it.

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TIMESTAMPS (in case you want to skip) 👇

0:00 Intro
1:00 Cost Benchmarking
6:25 Ways to do a Benchmarking Exercise
7:48 Networking in the Industry
8:38 Maintain Relationships with Other Service Providers
9:20 Talk to Current Suppliers
10:12 Importance of Benchmarking
12:42 Outro

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Supply Chain Benchmarking is a systematic process of measuring an organization's supply chain performance against best practices or industry standards. This methodology allows businesses to identify areas for improvement, optimize performance, and maintain a competitive edge in the market.

How it's done:
To benchmark a supply chain, a company first determines the key performance indicators (KPIs) pertinent to its operations. These could range from inventory turnover rates to order-to-delivery times. Once these KPIs are identified, data is gathered, either internally or with the assistance of external benchmarking firms. This data is then compared against either industry averages or the performance metrics of leading companies in the sector.

Benefits:

1. Performance Enhancement: By identifying gaps in the supply chain, companies can take targeted actions to enhance their operations, leading to increased efficiency and reduced costs.

2. Strategic Decision Making: Benchmarking provides valuable data that can be used to inform strategic decisions, such as investments in new technologies or modifications to operational processes.

3. Enhanced Customer Service: By improving the efficiency and reliability of the supply chain, companies can better meet customer demands, leading to increased customer satisfaction and loyalty.

4. Risk Management: Understanding where one's supply chain stands compared to industry standards can help in pinpointing vulnerabilities, thus allowing for better risk assessment and mitigation.

5. Continuous Improvement Culture: Regular benchmarking fosters a culture of continuous improvement, pushing companies to consistently strive for excellence and adapt to ever-evolving market demands.

Supply Chain Benchmarking is a vital tool that offers a panoramic view of an organization's supply chain performance in relation to its peers or industry standards. By pinpointing areas for improvement and facilitating informed decision-making, benchmarking ensures that companies remain agile, competitive, and customer-centric in today's dynamic business landscape.

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