Benchmark 360 SuiteApp Now Available in Oracle NetSuite Release 2024.2!
Why use Benchmarking in Your Business?
In today’s dynamic and highly competitive business landscape, staying ahead requires more than just internal assessment and growth. One of the pivotal strategies to ensure your company remains competitive and innovative is benchmarking your Key Performance Indicators (KPIs) against industry competitors. This process not only provides a clear perspective on where your organization stands but also uncovers opportunities for improvement and strategic adjustments.
By comparing your KPIs with those of leading competitors, you gain valuable insights into industry standards and best practices. This comparative analysis helps identify performance gaps and strengths, fostering a deeper understanding of what drives success in your sector. Moreover, it equips your business with actionable data to refine strategies, enhance operational efficiency, and ultimately achieve superior performance.
Engaging in regular benchmarking exercises positions your company to adapt swiftly to market changes, anticipate industry trends, and make informed decisions that can lead to a sustainable competitive advantage. It’s not just about keeping pace with competitors; it’s about leveraging this knowledge to elevate your business practices and outcomes. Embrace benchmarking as a strategic tool to propel your business towards excellence and long-term success.
Add Benchmark 360 to your NetSuite Toolbelt:
This brand new free SuiteApp provides a dashboard where you can view important industry benchmark data such as Top 25%, Median, and Bottom 25% for five preselected KPIs. The benchmark KPIs include Days Cash on Hand, Days Sales Outstanding, Days Payable Outstanding, Employee Turnover Rate, and Revenue per FTE. NetSuite sources the industry benchmarks for these KPIs from American Productivity and Quality Center (APQC).
You can use the Benchmark 360 SuiteApp to:
■ Review industry benchmark for five KPIs included in the dashboard
■ Define performance metrics and set adjustable target values for each metric
■ Compare performance metrics against other companies in the same industry and region
■ Map different subsidiaries to the corresponding industry and region to view benchmark data
■ View industry benchmark data by region for a selected subsidiary
■ View NetSuite products and features relative to your industry and region to improve your KPIs
■ Use NetSuite contents and articles as guides to implement best business practices
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