2 min read
How to benchmark against your competitors [case study]
Jeroen Lustig published on October 18, 2021
In a world awash with publicly available data, it’s more important than ever for companies in the agri food industry to make decisions based on facts, not assumptions. Companies that incorporate data as an asset are winning in their market. Join other front runners in your industry and learn how Vos Logistics, a specialist in the field transport and customer-specific logistics services, uses the Performance Monitor to benchmark against their competitors.
According to a study by the IBM Center for Applied Insights, companies that take advantage of available data sources are:
- 9 times more efficient at penetrating new markets
- 7 times more effective at developing new revenue streams
- 3 times more efficient in their operations
A-INSIGHTS interviewed Ben Vos, CFO and co-owner of Vos Logistics, about how they use data to determine their strategy for the future:
"The Performance Monitor has opened the way for us to benchmark in Europe"
How the Performance Monitor helps Vos Logistics gain insight into the market
Like any other company, Vos Logistics wants to keep abreast of developments in the market, but that is not always easy. “It is not like the telecoms market, with just one or two competitors,” says Vos. “We have thousands of them because even the small ones can get in the way of certain customers or activities. What A-INSIGHTS does is extremely useful, especially for the information outside the Netherlands. Of course, we can access the Chamber of Commerce data ourselves, but getting hold of the data for the countries around us is much more difficult. The further across the border, the more difficult and time-consuming it is to collect the data. That's where the added value of the performance monitor lies as far as we are concerned.”
Benchmarking against competitors
Companies can use the Performance Monitor for various purposes. For Vos Logistics the main purpose is clear: competitive benchmarking. Vos: “How is our performance compared to a defined peer group? How do our numbers compare to other players in the market?” In addition, the Performance Monitor has value for strategy determination. “We want to focus more on the Benelux, that market is more stable than outside of it,” says Vos. “We use the information in the dashboard about competitors to test assumptions. Are the margins more stable? Are they higher? All in all, the tool saves us a lot of time and energy.”
3 benefits of working with the Performance Monitor:
- Enrichment of information and translation of data into actionable insights
- Objective insights to help the development of strategic goals and ambitions
- Know where you stand in comparison to your competitors
Curious how A-INSIGHTS helped Vos Logistics gain more insight? Read the case study and learn more about the benefits of the Performance Monitor.