About the Client
The client is a European multinational electronics company. The company manufactures smartphones, portable media players, and data storage devices. Additionally, the company has developed a variety of products, including digital audio players, portable video players, and digital video recorders.
The world is quickly and constantly transforming with the advent of advanced technologies. This rapid pace of change has heavily affected the consumer electronics industry, which brings in the biggest and newest innovations every year. This has put pressure on consumer electronics manufacturers, who continually innovate to deliver better products, all while keeping the price point appealing to the end-consumers.
A renowned consumer electronics manufacturer was facing new hurdles in getting its products out to market. Moreover, manufacturing innovations and global competition were driving prices down. The client, therefore, faced the dire need to be flexible and adaptable to keep up with constantly evolving electronic product demands.
To drive growth, the company expanded its customer base and portfolio of products and services. This led to operational overhead, which increased costs and slowed time to market for new products and services. This further led to deteriorating customer satisfaction scores. Hence, the company reached out to Infiniti Research to leverage our expertise in offering actionable benchmarking analysis solutions.
Top Challenges Faced by the Consumer Electronics Manufacturer
Problem Statement 1: Shrinking operating margins
With rising competition and new innovations, consumer electronics manufacturers were compelled to operate in a more cost-efficient manner to remain profitable. Hence, with the help of Infiniti’s benchmarking analysis, the client wanted to gain valuable data on the current technologies and processes to be followed for increasing productivity, while reducing costs.
Problem Statement 2: Shortened product lifecycle
With customer needs and preferences changing at a record pace, the client wanted to drill down into performance gaps to identify areas for improvement. Moreover, with the help of our benchmarking analysis solution, they wanted to ensure a concerted effort between different departments to launch products in time while meeting quality and volume targets.
Problem Statement 3: Quality issues
With various consumer electronics companies competing in the marketplace, it was becoming vital for companies to produce good quality products to sustain their business. With benchmarking analysis, the client wanted to analyze the top competitors in the market and make improvements in their product offerings.
Inability to tackle the challenges associated with your industry can impact all areas of your business. But how do you get started? Well, our benchmarking analysis can help. Get in touch to leverage our benchmarking analysis engagement.
Solutions Offered and Value Delivered
To help the client tackle the industry challenges, the experts at Infiniti Research recommended a benchmarking analysis engagement. The benchmarking analysis engagement revolved around the following phases.
Phase 1: Process benchmarking
The initial phase of benchmarking analysis was comparing the client’s internal processes against those of other companies in the market, particularly successful ones with a long-running streak of positive results.
Phase 2: Strategic benchmarking analysis
This second phase revolved around identifying the winning strategies that have enabled high-performing companies to be successful in their marketplace. The strategic benchmarking process helped the client to adapt their goals to be more realistic with regard to the current market situation.
Phase 3: SWOT analysis
This phase of benchmarking analysis involved gathering information about the competitors’ strengths, weaknesses, opportunities, and threats to develop better business strategies. This helped the client to differentiate themselves by offering products and services to fill gaps that their competitors have not addressed.
Infiniti’s benchmarking analysis helped the client to analyze competitors in terms of market penetration, product, and market development, and clearly illustrated their market positioning in the target markets. By analyzing the winning strategies implemented by the top competitors, the client was able to make adjustments in their marketing initiatives.
Moreover, by identifying the strengths and weaknesses of the competitors, they were able to introduce new products and services. This subsequently helped the client to prioritize the areas of improvement, improve their performance standards to stay relevant in the market, and subsequently increase productivity while reducing cost.
Infiniti’s benchmarking analysis process also helped the client to:
- Operate in a more cost-efficient manner to enhance profitability
- Identify customer needs and preferences and better market products
- Analyze top competitors and develop strategic business plans to reduce quality issues in their product offerings
- Enhance customer experience
- Improve time to market for new products and services
Do you know the winning strategies that have enabled your competitors to be successful in their marketplace? If not, Request a FREE proposal and find out how our benchmarking analysis can help.
What is Benchmarking Analysis?
Benchmarking analysis is the process of analyzing industry or competitive practices and finding ways to meet them or improve upon them. Companies from different industries use benchmarking analysis to gauge their success and pinpoint their shortcomings. The general process of benchmarking analysis involves identifying problem areas, selecting top competitors who excel where a company falls short, and making the necessary changes.
Benefits of Benchmarking Analysis Process
- Understand your performance relative to close competitors
- Compare performance between product lines/business units in your own company
- Drill down into performance gaps to identify areas for improvement
- Develop a standardized set of processes and metrics
- Enable a mindset and culture of continuous improvement
- Better understand what makes a company successful
Wondering how our benchmarking analysis solution will help your business? Request more info.