The first internal benchmarking cycle and our best practice sharing forums have been real eye-openers, with $800 million of improvement potential identified. Benchmarking, both internally and externally, is a critical tool supporting continuous improvement.
In this global economy where the change is constant, we need to explore and understand what’s happening in the surrounding marketplace for the continuation of our business. To do so, we benchmark ourselves among well-known companies through Juran Benchmarking.
Benchmarking plays a pivotal role in both the diagnostics of how we do today and in long-term planning. We have embarked on a series of improvements in our operations and have been able to achieve some impressive savings with the support of benchmarking outputs.