To forge and accelerate breakthrough innovation in supply chain management, leaders are increasingly employing the tools of benchmarking to identify opportunities and develop novel solutions.
Benchmarking empowers organizations to take actions that improve performance. Supply chain benchmarking can be aimed at supply chain planning, sourcing and procurement, logistics, or manufacturing.
Recently, APQC surveyed 888 supply chain professionals who regularly practice benchmarking to better understand how and why this practice is useful in managing supply chains. This article shares insights from this research and highlights the importance of how having a systematic approach to identifying new opportunities through benchmarking can help build a solid business case for new initiatives. Benchmarking results can also be used to set baselines for process improvement projects, to prioritize high-impact opportunities, and even to validate success or return on investment.