Publication Date: March 28, 2012
Reference: London Swine Conference, 2012
Country: Canada
Summary:
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Benchmarking allows for comparison within an industry to provide insight in how to improve. Paradigm blindness is when business leaders become focused on their own operation and fail to consider outside factors. When benchmarking, it is important that all of the values being compared have been calculated in the same manner. As well, performance data can be useful, but the real benefit of benchmarking usually comes from comparing financial results. One way to ensure the variables compared are the same, and to compare current performance and financial information, is to use a benchmarking company such as Agri Stats.