Industry Benchmarking Best Practices Engagement for a Leading Media and Entertainment Industry Client Helps Validate Budgetary Decisions
A leading media and entertainment industry client wanted to compare and benchmark the industry’s compliance requirements, structure, industry standards, and processes to the external practices of the peers within the specific market segment. The media and entertainment industry client was also looking at formulating a prioritized list of improvement opportunities to justify their budgetary decisions.
The client approached SpendEdge to develop an comprehensive approach that would help them develop an appropriate best practices model. During the course of this engagement, a detailed quantitative analysis of various supply chain categories was carried out to help the client identify the industry best practices.
About the Client
The client – a leading media and entertainment industry client with an annual income of over USD 10 billion.
The media and entertainment industry player was facing predicaments in creating a prioritized list of improvement opportunities and identifying the timeline for integrating the improvements, which, in turn, posed several other difficulties in justifying their overall budgetary decisions.
How did SpendEdge Help the Client?
Step 1: Identification of the key structure, performance, and effectiveness metrics
This step revolved around the identification of the key performance metrics, industry standards, and effectiveness metrics. As the objective was to devise a suitable industry benchmarking best practices model, the collected information was analyzed to identify the benchmarks.
Step 2: Selecting the target organizations of the desired size to benchmark
Post the conclusion of the data collection and analyzation phase of the industry benchmarking process, it is essential for companies to identify and refine the peer companies to summarize the findings and opportunities based on the data.
Key questions answered in this case study
Benefits of the Engagement
The best practices experts at SpendEdge recommended a robust benchmarking model to help the client validate their budgetary decisions. The model also allowed the media and entertainment industry client to effectively compare their standards with that of the peers and subsequently devise a robust industry benchmarking strategy.
Why industry benchmarking best practices?
Industry benchmarking best practices primarily deals with the process of comparing an organization’s compliance factors and processes to the external practices of the peers and the industry. Industry benchmarking best practices also helps in the process of making a judgment about the effectiveness of an organization’s compliance program.
Devising an effective industry benchmarking best practices model can help companies stay abreast of the competition and evaluate the benchmarks periodically. Industry benchmarking best practices can further enhance the category growth across the supply network by examining peer group data to identify and implement best-in-class organizational improvements.