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edunxt smu assignments solved MK0010- Sales, Distribution and Supply Chain Management Q1. Describe the supply chain Benchmarking Procedure.

Answer: Benchmarking is systematic and continuous measurement process: a process of continuously measuring and comparing an organization’s business processes against process leaders anywhere in the world to gain information which will help the organization to take action to improve its performance

Benchmarking Procedure
There is a procedure for defining the methodologies and metrics, achieve milestones and set comparisons for benchmarking. At the implementation level, application of benchmarking is
generally believed to involve seven key steps:

(i) Determine which functions to Benchmark: The organization needs to first ascertain which functional areas are to be benchmarked, those which will gain the most from the benchmarking procedure.

(ii) Identify performance variables and collect data: The organization needs to recognize the performance variables which will be used to measure those functional areas and then accordingly collect data.

(iii) Select best in class companies: The organization needs to first choose the best-in-class company for each area that is to be bechmarked. The chosen company should be one that performs its functions at the lowest cost and achieves the highest level of customer satisfaction.

(iv) Compare: An organization needs to compare its performance with that of the best-in-class company for each benchmark being considered. The results need to be compared in an easy format to ascertain the gap between its own performance and that of the best-in-class company.

(v) Specify programmes and actions to ‘meet and surpass’: The organization needs to specify the programmes and actions to meet and exceed the competition which is based on a strategy to improve the areas which have some possibility of improvement. The organization can either devise its own methods to improve its weak areas or look up to the industry leaders for guidance.

(vi) Implement and monitor: The organization needs to implement these programmes by setting specific goals to be achieved within a stipulated time period. The organization also needs to develop a monitoring mechanism to review and update the examination/study done within the stipulated time period.

(vii) Recalibrate: The monitoring mechanism developed by the organization will form the basis for revision and change of measurements in the subsequent benchmarking studies.

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