Applied Industrial Engineering. Industry 4.0 Technologies and Realized Benefits. List of Industry 4.0 Light Houses - WEF - McKinsey - Have You Benchmarked with the Best in Industry 4.0 Implementation?
https://nraoiekc.blogspot.com/2024/01/list-of-industry-40-light-houses-wef.html
What is Benchmarking
Benchmarking is understanding the currently superior processes or process elements that other companies are using and improving internal processes based on the information obtained.
The first step in the process is becoming aware that another company has a better process or process element. Then trying to understand the result of the process. Once there is recognition that better results are being achieved elsewhere thinking starts to improve the internal process. Externally, there will be attempts to understand the better process. Consultants are invited to offer help. The final step in benchmarking is develop a still better process. But before that the company may match the best process found in benchmarking. Benchmarking activities point of the possibility for improvement.
Benchmarking Against Competitors and Noncompetitors
Benchmarking against the competition, poses some problems. Getting information about competitors is obviously difficult.
Where do you find well-run noncompetitors for the purpose of comparison? Annual reports and other easily available publications can uncover gross indicators of efficient operation. Universally recognized measures like ROA, revenue per employee, inventory turns, and percent SG&A expenses will help identify the well-managed companies.
The first step in the process is to identify what will be benchmarked—expense-to-revenue ratios, inventory turns, service calls, customer satisfaction—whatever the “product” of the particular function is. Then pinpoint the areas that need improvement.
In Xerox’s experience, managers tend to concentrate first on comparative costs. Then attention shifts to understanding practices, processes, and methods. it is more important and useful because these define the changes necessary to reach the benchmark costs.
To identify superior performance in particular functions, Xerox relies especially on trade journals, consultants, annual reports and other company publications in which “statements of pride” appear, and presentations at professional and other forums. The same well-run organizations keep turning up.
Getting a noncompetitor’s cooperation in the venture is usually easier because professionals in a function are eager to compare notes. They want to know how their system stacks up. Indeed, several non-competitors have agreed to share the expense of benchmarking studies with Xerox.
https://hbr.org/1987/01/how-to-measure-yourself-against-the-best
What are the steps to benchmarking your company's performance?
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WHAT IS BENCHMARKING? - ASQC
https://asq.org/quality-resources/benchmarking
Benchmarking & Metrics Productivity Report
BMM-Productivity Topic Summary
Overview
Productivity measures how efficiently resources (e.g., human resources) are used to produce outputs. Benchmarking productivity has long been regarded as a better instrument for companies and projects to drive their work process improvement than the traditional project controls measurement: cost and schedule.
This report provides a summary of CII’s benchmarking capacity in both engineering and construction productivity, built on decades of industry studies.
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