Tony Hines talks about benchmarking your supply chain in this episode. Why is it useful to benchmark? What exactly do you benchmark or what are some of the problems and benefits in doing benchmarks?
Benchmarking your supply chain is a useful tool for determining strategy. It allows managers to understand the supply chains through the numbers and the details gathered as part of the exercise, and you can compare yourself to competitors and evaluate those benchmarks before determining what it is exactly that you want to fix or change in your own supply chain.
You can compare performance across business units and you can leverage data for restructuring and change. Benchmarks can be seen as a systematic process where you search for best practise, innovative ideas and more productive operating methods. Strategic benchmarking helps make sure that improvement efforts and of course, scarce resources are directed to those activities that will move the organisation forward. Of course you have to know where forward is, what exactly is it you want to go forward to?
Listen to the episode to find out more...
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About Tony Hines and the Chain Reaction Podcast – All About Supply Chain Advantage
I have been researching and writing about supply chains for over 25 years. I wrote my first book on supply chain strategies in the early 2000s. The latest edition is published in 2024 available from Routledge, Amazon and all good book stores. Each week we have special episodes on particular topics relating to supply chains. We have a weekly news round up every Saturday at 12 noon...
