industry benchmarking Archives - Business Intelligence

Tag: industry benchmarking

cosmetic packaging

Five Critical Steps in Competitive Benchmarking

Competitive benchmarking is the continuous process of comparing a company’s performance with that of their counterparts or competitors in the industry using a set collection of metrics.  Using a competitive benchmarking analysis, not only can businesses get an organized overview of their company and how it performs on different levels, but they can also stay competitive. Benchmarking allows to easily spot when a competitor is doing well or beginning to struggle – both of which are prime times to evaluate the company’s own strategy and implement any changes wherever necessary. In today’s digital world, there is a myriad of data and methods available for competitive benchmarking analysis, however, what can be difficult is knowing where to start. If you are looking to build a robust competitive benchmarking framework for your business, here are five critical steps that you must follow:Contact US

Set clear objectives

Goals should be set based on what the company desires to achieve. Here, companies need to make smart decisions of their aim and goals. It is impossible to benchmark against something that is not measurable. So, it must be ensured that the goals can be measured and expressed in numerical terms. This would act as a clear and accurate measure while evaluating the performance.

Identify the data source

Businesses must identify the sources for the data that they want to gather for competitive benchmarking. It is vital to keep the data consistent. While choosing external sources of data for the competitive benchmarking framework it must be ensured that the data is consistent. Companies also use various competitive intelligence tools in order to better utilize data and measure their performance against that of the other players in the market.

Identify the common metrics

It would prove difficult for companies to undertake a competitive benchmarking analysis for a large number of parameters. So, it is vital to select some keys matrices that are compared against publicly available information. With the help of the data sources that have been identified, companies can easily decipher those matrices to use for benchmarking.Get More Info

Set regular intervals of measurement

The intervals at which the company must undertake competitive benchmarking largely depends on the activities and benchmarks that they are focusing on. It could vary from once a year to once a week depending on the parameters in question. It is up to the It’s up to the business to determine what the most appropriate interval is for the benchmark and for the business.

Implement plans and monitor results

The final step in establishing a robust competitive benchmarking framework is to execute the set processes of measuring performance and identify the deviations. This also involves continuously evaluating the benchmarked practices and reinstituting the benchmarking process when necessary. In order to sustain market leadership, however, the benchmarking process must be a continuous and permanent part of the organization’s culture.


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telecom industry

Industry Benchmarking Engagement: How Infiniti’s Strategic Intelligence Solutions Assisted a Global Retail Services Client to Devise an Effective Product Differentiation Strategy

In the last couple of years, the relentless growth of technology and surplus information have changed the landscape for the businesses in the retail services space. Now, meeting the audience’s requirements seems much simpler than ever before and many businesses in the retail space are facing the need for a business strategy to create more personalized offerings for the customers. In the retail services space, creating a business strategy is all about prioritizing objectives, benchmarking services, and optimizing financial performance to target the relevant business prospects. Moreover, with the help of an effective business strategy, leading retail services providers can introduce new products or refine their existing product offerings to keep pace with the competitors. With the help of a product differentiation strategy, companies in the retail space can build brand loyalty and quickly recover their production and marketing costs.

To effectively deal with competition and improve their brand positioning strategy, leading retail services providers are approaching renowned solution providers such as Infiniti. Infiniti’s business strategy helps renowned retail services providers evaluate market expansion techniques and develop robust business development strategies to set their target objectives. Moreover, businesses can determine their set of target goals and streamline their knowledge and expertise to meet their target segment’s requirements.IR_Brochure

The Business Challenge

A leading retail services provider with a considerable number of service offerings was facing certain predicaments connecting with their customers and delivering personalized service offerings. The client wanted to spread brand awareness, attract new customers, and retain the most profitable customers. By implementing an effective business strategy, the client wanted to design their own “marketing blend” to promote their services and enhance their offerings across niche market segments. Furthermore, the primary concern for the client was to re-evaluate their target audience and prioritize their resource allocation and investment.

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Our Approach

To improve productivity while cutting down on costs associated with products, Infiniti’s experts carried out extensive qualitative and quantitative research and conducted interviews with the leading stakeholders in the retail services space. While the retail space is witnessing steady growth, Infiniti’s strategy experts wanted to devise a robust strategy by compiling information across a wide array of secondary sources such as paid industry databases, company presentations, and industry forums.

Benefits of the Solution Offered

The renowned retail services provider was able to leverage Infiniti’s solution to stay up-to-date in the marketplace, enhance their product offerings and improve their business strategy. The engagement also helped the client assess the firm’s strengths, weaknesses, and opportunities and adequately allocating the resources to meet the business requirements. Moreover, the client was able to further improve the quality of the services offered. In this competitive environment, it becomes vital for any organization to effectively compare their product portfolios with that of the competitors. The business strategy engagement solely focused on identifying the competitors and offering more consumer-focused products to spur sales.

Additional Benefits Offered by Infiniti Include:

  • Prioritized objectives, competed successfully, and optimized financial performance
  • Aligned brands with opportunities to go on par with altering consumer preferences
  • Enhanced the sales of products using variety of marketing methods
  • Improved customer confidence and stock prices of the products
A must-read case study for strategy specialists and decision makers looking to develop an understanding of the retail services space

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market intelligence

Market Assessment Study: How Infiniti Helped a Metal Fabrication Company Define their Tactical Actions

At present, companies in the manufacturing industry are concerned about addressing issues pertaining to pricing and profitability. Also, with the recent shift toward innovations, leading companies in the metal fabrication market are looking for reliable solutions that can help improve their profit margins and assess the current and future business scenario. In the metal fabrication market, manufacturing companies are focusing on expansion to develop their market presence and penetrate across niche market segments. Additionally, to better understand the market landscape, especially in terms of the economic environment and the barriers to entry, renowned companies in the manufacturing industry are approaching companies like Infiniti. 

Infiniti’s market assessment studies help clients gain strategic insights on real-time market information and predict the entry of new companies. Our market assessment solutions also help renowned metal fabrication companies identify the most profitable market segments and refine their relationship with the customer base to improve profitability.
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The Business Challenge

A renowned metal fabrication company was facing certain challenges obtaining relevant market insights and efficiently addressing end-user requirements. The client wanted to gain an understanding of the demographics to create robust value framing strategies. Moreover, with the help of market assessment, the metal fabrication client wanted to identify the regional opportunities and devise a robust go-to-market approach. The primary objective of the engagement was to profile potential customer segments and implement appropriate marketing initiatives to enhance business performance.
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Our Approach

To understand the current market landscape, Infiniti’s market assessment experts carried out extensive qualitative and quantitative research and identified the prominent stakeholders in the metal fabrication market. Furthermore, to address the specific category requirements of the metal fabrication company, the experts compiled information from a wide array of secondary sources such as paid industry databases, company presentations, and industry forums.

Benefits of the Market Assessment Study

  • Profiled the most profitable target segments and devised the best possible market strategy for the metal fabrication company
  • Communicated effectively with the business stakeholders and identified opportunities
  • Identified the current market position of the metal fabrication company and identified key competitors
  • Implemented a strategy to increase market shares in each target vertical
  • Profiled the prominent competitors in the metal industries space and created a SWOT analysis

Benefits of Our Integrated Approach

The market assessment study offered by Infiniti helped the client understand the different factors that have a potential impact on the bottom line. Furthermore, the engagement also helped the client gain an overall projection of manufacturing industry and its key segments. With the help of this market assessment study, the metal fabrication client was also able to gain deep dive insights into the regional economy and the workforce requirements.

A must-read case study for strategy specialists and decision makers looking to develop an understanding of the metal fabrication market

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IR34

Can Benchmarking Make You The “Man of Steel” in the Steel Industry

The relevance of benchmarking in the steel industry has been a topic of debate for several years. Many players in the industry were initially of the opinion that benchmarking may not be effective in the steel industry as there is limited transparency in the industry regarding what is achievable and how results can be replicated. However, over the years, stakeholders in the steel industry have realized that to achieve operational efficiency and cost-effectiveness, industry benchmarking is essential. So, what are the challenges faced in the steel industry, and how can steel companies effectively use benchmarking to their advantage in this lucrative industry?  Let us examine:

Benchmarking Challenges

Here are some of the key challenges that the players in the steel industry have to face with respect to adopting benchmarking practices:

  • Less amount of transparency among steel producers in the industry is making it difficult for companies to establish proper benchmarks
  • Conducting an effective benchmarking based on similar parameters without mixing up structural and performance differences

 

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IR28

Market Intelligence Assists a Fluid Management Devices Manufacturer Devise a Product Marketing Plan to Enter Latin American Market

In the recent years, the healthcare industry has restructured its service delivery system to survive in the maturing state of the industry. Also, with the commitment to provide quality services, the healthcare industry is witnessing relentless growth in innovations to diagnose diseases and offer adequate treatments to the patients. Furthermore, with the gradual shift toward a customer-oriented environment, fluid management devices manufacturers are facing the need to deliver intensive medical treatment and personal care while curtailing the costs. Also, to profile the target segments and deliver utmost patient satisfaction, renowned fluid management devices manufacturers are utilizing market intelligence studies. Market intelligence helps companies gather relevant information on the markets and analyze these information to drive accurate and confident decision-making. With the help of a market intelligence study, fluid management devices manufacturers can determine potential market opportunities and design a more defined penetration strategy to improve the current business model.IR_Brochure

To gain broader insights into the company’s existing market, leading fluid management devices manufacturers are approaching companies like Infiniti Research. Infiniti’s market intelligence solution helps companies gain a comprehensive view of the market landscape in terms of the customers and product lines. In addition, Infiniti’s market intelligence solution also suggests effective ways for the companies in the medical devices space to devote more resources and enhance their business outcome.

The Business Challenge

A renowned fluid management devices manufacturer with a considerable number of manufacturing units spread across the globe was facing certain predicaments determining relevant market opportunities and tapping into niche market segments. The client wanted to outline the demand for products and services rendered and the most efficient means of introducing products and services to the market. Furthermore, with the help of this market intelligence engagement, the fluid management devices manufacturer wanted to effectively keep track of the competition and identify the competitors’ capabilities, liabilities, and long-term intentions in the Latin American market.

IR- Market intelligence

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Our Approach

To add value to the business using market intelligence, Infiniti’s market intelligence experts carried out extensive qualitative and quantitative research methodology with leading stakeholders in the fluid management devices space. Also, to outline the demand for products and services, Infiniti’s market intelligence experts collated information from proprietary sources such as paid industry databases, company presentations, and newsletters.

Benefits of the Market Intelligence Solution:

  • Minimized the risk of investments and made informed business decisions
  • Kept ahead of the competitors and maintained a distinctive identity
  • Effectively tailored products and services based on the customers’ requirements
  • Identified the potential buyers and devised effective ways to get the products and services to the market
  • Identified the competitors, the market trends, and industry legislation and identified market entry opportunities

Benefits of Our Integrated Approach

The market intelligence solution offered by Infiniti helped the fluid management devices manufacturer to stay ahead of the competition and gain a strong foothold in the market. The market intelligence engagement also assisted the client in developing customized products to distinguish the brand from their competitors. Moreover, with the help of this engagement, the client was able to identify the process gaps and devise effective plans to enter the Latin American market.

A must-read case study for strategy experts and decision makers looking to develop an understanding of  the healthcare industry.

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IR27

Industry Benchmarking Assists a Renowned Material Handling Equipment Manufacturer Devise Effective Marketing Campaigns

Currently, with the manufacturing industry depending on effective logistic operations, organizations in the manufacturing sector have started relying on material handling products to deliver smooth warehouse and logistics experience. Also, with the advent of automation in the manufacturing space, key players in the manufacturing sector are advocating the need for better material handling equipment to effectively manage their inventory levels. Furthermore, manually operating processes can help manufacturing industries to consolidate and deliver products in an agile and seamless manner; thereby, improving the customer experience. Also, with the availability of attractive opportunities in the manufacturing space, major companies are looking for promising solutions such as industry benchmarks to improve performance and retain their respective position in the market.IR_Brochure

Infiniti’s industry benchmarks offer reliable, responsible, and efficient solutions to the companies in the manufacturing space, which help them lower labor costs and improve the product quality. The solution offered by Infiniti can further help the client gain marginal profits and increase their overall sales performance. Also, with the help of industry benchmarks, manufacturers can devise best practices to improve performance in different departments.

The Business Challenge

In today’s competitive environment, it becomes crucial for stakeholders to know the major differentiators in the material handling equipment space. A renowned material handling equipment manufacturer with a considerable number of manufacturing units spread across the globe was facing predicaments improving their current business process and adopting innovative ideas from players to create better business models. Furthermore, the client wanted to devise effective marketing campaigns to investigate the benefits of a product and improve its operational efficiency. Also, the client wanted to leverage the use of promising solutions, such as industry benchmarks, to make improvements into various areas of the company.

IR- material handling

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Our Approach

To identify the competitors and improve their training methods, the client approached Infiniti’s industry benchmark experts. With expertise in offering services for numerous clients from the manufacturing space, Infiniti’s experts carried out an extensive research comprising interviews and discussions with leading stakeholders in the material handling equipment space. Furthermore, to understand new distribution channels, the analysts also collated necessary information from various proprietary sources such as paid industry databases, company presentations, and industry forums in the material handling equipment space.

Industry Benchmarks Solution Benefits:

  • Obtained information on the relevant technologies in the market; thereby, lowering the labor costs
  • Improved the product quality and determined the competitor’s products list
  • Improved the operations and services and further boosted the sales and profits
  • Emulated the best practices to improve the performance of the internal departments
  • Effectively pinpoint their shortcomings and identified the problem areas
  • Compared competitive performance and facilitated robust comparison

Benefits of Our Integrated Approach

With the help Infiniti’s industry benchmarks, the client was able to improve their overall performance in terms of sales and product lines. The engagement helped the client comparatively curtail the production costs, the marketing expenditures, and the expense related to R&D. Moreover, through this effective engagement, the client was able to measure and manage performance for the betterment of their customer experiences.

A must-read case study for strategy experts and decision makers looking to develop an understanding of the material handling equipment space.
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