There's a shift occurring in the world of benchmarking driven by the needs of supply management professionals in the post-Great Recession business climate. The benchmarking team at CAPS Research, through relationships with global supply leaders, is tracking this shift and responding by creating advanced measures to deliver data that is both strategic and dynamic to sponsor companies in specific industry sectors.
What's being measured must move beyond transactional or tactical measurements, such as measuring an organization's supply management operating expense, or the percent of employees considered operational versus strategic. These measurements are certainly important, however, new layers in the metrics structure must be developed that examine the performance of strategic processes. CAPS Research includes measuring risk assessments, or suppliers' commitment to environmental sustainability.
Additionally, benchmarking's impact is greater when accompanied by other types of research, especially primary, business research. This kind of research provides a broader context about important factors related to the benchmarking topic, and is the sort our organization draws upon.
It's also becoming more critical to identify best practices and best-in-class indicators with more input and help from business practitioners. Often, third-party benchmarking organizations do not receive business input when determining what to measure. CAPS Research leverages a more strategic approach by collaborating with our industry advisory groups and vast network of business executives.
The advanced benchmarking that is emerging in response to changes in the profession and business must also be dynamic. Dynamic benchmarking means less reliance on a single, static perspective. CAPS Research is refreshing data with core topics of interest at certain key intervals to capture a fuller picture. Examples of such core topics include social responsibility, cost savings, organizational alignment and talent management. Touch points can take place over a few months and will provide "living data" that fills in the landscape more completely. Such periodic updates create a dynamic picture that is timely and more in-tune with market and business pressures.
A Better Map
Supply management executives and managers who take advantage of CAPS Research strategic and dynamic benchmarking will gain a perspective of the landscape that others can't see. It's the difference between looking at a regular map versus a topographical map that clearly outlines the rise and fall of the terrain. Information coming from such a perspective means making decisions based on metrics that are more reliable, accurate, and filled with insights not otherwise seen. This means avoiding organizational or business ruts that can stall strategic initiatives before they advance farther down the road.
To speak with the benchmarking experts at CAPS Research, email them at firstname.lastname@example.org, or call +1 480-752-2277.