33:799:305 Lecture 3: 799:305 Lecture : 799:305 Lecture : 799:305 Lecture : 799:305 Lecture : executive summary 2

• School: Rutgers University
• Department: Supply Chain Management
• Course: 33:799:305
• Professor: All

Document Summary

Companies often benchmark their goals in order to evaluate the way their logistic control is running. They look for areas where they can improve their performance by making sure their productivity in running efficiently, their inventory and shipping levels are accurate and the way they are processing material and sending it out is on time. There are three different types of benchmarking that companies may use: internal benchmarking, external benchmarking and competitive benchmarking. Internal benchmarking allows companies to check up on their facilities and determine what is working best and what needs to be improved at each center. External benchmarking lets the company see what companies are adding value to their own company looking outside of their internal company and into the direct industry or sectors they work with. Lastly competitive benchmarking is when you consult outside your company and research what other companies are doing to gain more market share.