By: Alexandra Kueller
During the next few weeks, SSC will be highlighting some of the work we have completed during a benchmarking process of the athletic wear industry. Today we are focusing on the foundation of it all: the basics of peer benchmarking.
What is peer benchmarking?
Peer benchmarking is a process designed for comparing companies against one another, whether it is in their respective industry or their particular region. This process can be used to compare best practices in an industry, performance metrics, businesses processes, etc. to help learn how well the companies perform, or it can help shed some light on why some businesses might be more successful than others.
What is sustainability benchmarking?
Sustainability benchmarking takes the principle of peer benchmarking while making the focus be on sustainability metrics. Often times the indicators that are being measured stem from the main pillars of sustainability: environment, corporate governance, and social good. In SSC’s benchmarking process, we focus on the following six pillars:
- Supply Chain
Why is sustainability benchmarking important?
As the sustainability landscape is continually shifting and changing, it can be important for companies to check to see where they land when compared with competitors. Sustainability benchmarking can allow for these companies to see if they are doing enough and help find areas they need to improve on, or it can show them where they might be leading the industry when it comes to sustainability.
What are some caveats with benchmarking?
To put it simply: the data. With SSC’s benchmarking process, we rely only on publically available data. A company might be doing great things in the sustainability field, but if they do not disclose that information, we would have no way of knowing.
Did you know about 43% of sustainability consulting firms offer benchmarking analysis? Read about it here.