Supplier Benchmarking Benefits

Supplier Benchmarking Benefits

Source One has released its latest white paper, Attain Best in Class Status and A Competitive Advantage through Cross-Industry Benchmarking. This report allows readers to gain insight into the road to strategic advancement through supplier benchmarking best practices.

In fact, a study done by the Global Benchmarking Network in 2008 indicated that an average of financial return of $100,000 to $125,000 per best practice benchmarking project. Most companies are challenged with it comes to finding real-time market intelligence, but investing in a benchmark study can often provide them with meaningful data that can inform their decision making process or even identify gaps within their own business operations.

For those who do not have the resources to implement a benchmarking study on their own, there are a wealth of third-party providers who offer this service. However, be warned: many providers offer generic ranking systems that limit analysis. When enlisting a service provider, make sure to review their offering thoroughly. The best benchmarking consultants will provide information on process, finances, and strategies for improvement. This level of market intelligence can give you full visibility into your industry.

Proper benchmarking analysis will provide an unbiased, fair comparison in assessing companies or suppliers within the same marketplace. Download a copy of our benchmarking white paper to learn more.

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