When it comes to benchmarking, many people initially think of external market and price indices – usually automated comparisons for specific products or product groups. But what do you do if there are no external benchmarks for certain materials?
In such cases, internal benchmarking can provide valuable insights. This not only covers price trends among different suppliers, but also aspects such as supplier performance within a product group or between different company locations – especially when purchasing is decentralized.
Quality and process metrics can also be analyzed in a targeted manner: For example, why are there price differences or differing conditions within the same company?
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