Benchmarking Your Firm's Performance With Best Practice Available to Purchase

Benchmarking is an improvement technique that considers how others perform a similar activity, task, process or function. This article details the application of benchmarking as an improvement technique. It provides a background of what to benchmark and the selection of benchmarking partners. A methodology for defining supply chain management best practice is explained as well as the marriage between benchmarking and networking to provide an ongoing improvement focus.