3 pages/≈825 words
Business & Marketing
LOG490 CA3 (Research Paper Sample)
Then, in an essay of three or four pages, please answer the following questions: Explain why a two-stage benchmarking methodology that utilizes performance evaluation metrics followed by continuous improvement metrics could be a useful tool for achieving a competitive advantage. Discuss why the inclusion of the second phase, related to continuous improvement, represents a step forward from traditional benchmarking approaches. Evaluate the general adequacy of the major performance criteria used in the AHP article for assessing logistics applied to other types of organizations. Feel free to suggest additions or modifications in the performance criteria if you believe there are inadequacies in the current criteria. Describe the role a 3PL could play in implementing an effective benchmarking approach source..
Benchmarking: A benchmark is a standard point of reference that is normally used for the measurement of quality and value. With this in mind and considering business, benchmarking is the process by which an organization establishes the standards to determine the progress. It is a tool used both internally and externally (Camp 2006). It is divided into two basic parts that is the performance measurement and the continuous improvement. There are three basic types of benchmarking that is the kind where comparison of within the same organization is done then there is the one that compares relative service performance and the final type compares the supply chain performance of different firms although not necessarily competing ones. Benchmarking involves the process of data collection analysis and reporting. (Cheney 1998) It is a very valuable tool in the improvement of product innovation. The product innovation helps in delivering top line growth, the creation of new customer value and the establishment of a competitive advantage to the organization. The improvement of product innovation is important because it helps the organization face certain challenges. The challenges associated with product innovation include the following: The complexity of the process since it requires cross functional collaboration throughout the organization. There is also the need for cross functional management teams for the decisions on new product investments. It also enables the company to zero in on certain specific problems. Isolation of high value improvement opportunities is also administered where strengths that should be preserved are identified. Key stakeholders are involved in the consensus building for the company (Damelio 1998). The inclusion of the second phase related to continuous improvement is typically a step forward from the traditional benchmarking approaches since the go...
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