Establishing New Functional Goals Through Best Practices Benchmarking for a Chemical Industry Client | A Spendedge Case Study
Engagement Overview: The chemical industry client wanted to benchmark the best practices and enhance the productivity and efficiency of their business operations. To identify and establish new functional goals, the chemical industry client approached SpendEdge to devise a comprehensive approach to compare and benchmark their business processes and metrics to the industry best practices. A […]READ MORE >>
The chemical industry client wanted to benchmark the best practices and enhance the productivity and efficiency of their business operations. To identify and establish new functional goals, the chemical industry client approached SpendEdge to devise a comprehensive approach to compare and benchmark their business processes and metrics to the industry best practices.
A detailed quantitative analysis was carried out by assessing research-based data, industry surveys, and interviews, which enabled the client to identify, assess, and benchmark the industry best practices. Best practices benchmarking also offered detailed evidence-based insights on the overall industry’s performance, which helped the chemical industry client to set new functional goals.
About the Client:
A multinational chemical company – the client is a leading player in the chemical industry with several well-established subsidiaries operating in over 30 developed economies.
The client wanted to benchmark industry best practices to formulate winning strategies, tactics, metrics, and plans.
How did SpendEdge Help the Client?
- Step 1: Developed a three-step methodology
Our industry best practices benchmarking experts followed a structured approach.
- Step 2: Detailed assessment of the company’s process performance gaps
A detailed understanding of the existing business processes and performance gaps helped in deciding the what factors need benchmarking.
- Step 3: Prioritized metric to benchmark
This step involved the identification and analysis of collected data to reveal the extent to which the current performance can be improved for each segment.
The implementation of these steps helped the chemical company to gain a clearer picture of their performance levels in comparison with others in the chemical industry.
Key questions answered in this industry best practices benchmarking study include:
Benefits of the Engagement:
Our industry best practices benchmarking solution helped the chemical industry client to analyze the organization’s past performance in relation to the industry best practices, competitors’ strategies, and proposed benchmarking changes. It also offered detailed insights on the potential benefits of adopting the benchmarking practices; thereby, enabling them to establish new functional goals.
Why incorporate industry best practices benchmarking?
Industry best practices benchmarking is essential for organizations striving to enhance their operational performance and efficiency across different aspects of the industry. Benchmarking industry best practices also enables firms to acquire knowledge on hard facts such as – performance gaps, operations rates, and industry risks. It also offers information on ways to improve their organizational performance.
It is noted that most organizations are reluctant to use industry benchmarks. For any organization, it is important to understand the acceptable industry standards and determine where their company stands vis-à-vis that standard. Industry best practices benchmarking also help firms to stay in sync with the current market scenario.