PROCUREMENT STRATEGY
BENEFITS OF BENCHMARKING
1 . Increased effectiveness and efficiency
2 . Ability to set clear business goals
3 . New opportunities for discovery
4 . Increase sales performance can vary considerably ,
5 . Motivate employees it is important for organisations to
6 . Improved understanding ensure that those they of the operating market are benchmarking against in the market
7 . Improve product quality are aligned with their understanding and
Source : indeed . com approach .
Another important challenge to overcome highlighted by Flores is acting on the finding . “ Benchmakring is valuable , it provides a greater level of insight into the operations of an organisation , but the challenge is how to act on the findings , incorporating the insights into the continuous improvement activities of the procurement function ,” explains Flores .
She concludes : “ Those that are leading in the procurement space are organisations that run benchmarking activities on a regular basis , instead of treating benchmarking as an isolated , one time exercise . While a one of benchmarking report will provide an organisation with some value , the greater value is in the continuous development and improvements made through regular benchmarking activities .”
40 September 2022