What is benchmark in SAP EPM-SCP - Supply Chain Performance Management?

SAP Term: benchmark

• Component: EPM-SCP

• Component Name: Supply Chain Performance Management

• Description: One of the measures used to measure the performance of a KPI. Other measures include Actual and Target.

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• Key Concepts: 
  Benchmarking is a process used to compare the performance of a company or organization against similar organizations in the same industry. It is used to measure the performance of a company or organization against its peers and identify areas for improvement. In SAP EPM-SCP Supply Chain Performance Management, benchmarking is used to compare the performance of a company or organization against its peers in order to identify areas for improvement. 
  
  How to use it: 
  In SAP EPM-SCP Supply Chain Performance Management, benchmarking is used to compare the performance of a company or organization against its peers in order to identify areas for improvement. The process involves collecting data from similar organizations in the same industry and comparing it to the performance of the company or organization being benchmarked. This data can then be used to identify areas where the company or organization can improve its performance. 
  
  Tips & Tricks: 
  When benchmarking, it is important to ensure that the data being collected is accurate and up-to-date. Additionally, it is important to ensure that the data being compared is from similar organizations in the same industry. This will ensure that any improvements identified are relevant and applicable to the company or organization being benchmarked. 
  
  Related Information: 
  Benchmarking can be used in other areas of business such as customer service, product development, and marketing. Additionally, there are various tools available that can be used to automate the process of benchmarking and make it easier for companies and organizations to compare their performance against their peers.