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Are you outperforming your competitors in managing sea lice pressure? Is your company meeting the latest EPA and DHA standards as per current research? How did last year's decrease in your farms’ mortality rate rank against other production areas? These critical questions are not just worth answering—they're essential for your company’s success. But here's the real challenge: could you find these answers in just one minute? This is where the efficiency and accuracy of your data management come into play, determining how swiftly and effectively you can respond to these pivotal questions.
The Underrated Simplicity of Benchmarking
Industry benchmarking might seem like such a straightforward concept that it's easy to overlook its necessity in the business world. Think of it in terms of a football season: it would be unthinkable for teams not to keep track of their standings, wins, losses, goals scored, and how they stack up against others in the league. Similarly, in any industry, benchmarking is crucial for understanding where you stand in comparison to your competitors and setting realistic goals and targets.
Historically, companies have relied on reports (such as public quarterly reports, stock reports, etc.) to gauge their performance against main competitors. However, this approach has significant limitations. These reports offer only a narrow snapshot of a much larger dataset and are often outdated by the time they're published. The data landscape is dynamic and constantly evolving. Moreover, the effort and resources required to track, manage, and maintain these metrics can be substantial.
Teams within organizations might find themselves spending an inordinate amount of time gathering information, which could quickly become obsolete.
Relying solely on internal data to set future goals can be a risky strategy. It's like driving while looking only in the rearview mirror. You might have a clear view of your past performance – the good years and the bad – but without understanding how you measure up against your direct competitors, you're missing a crucial piece of the puzzle.
You could be lagging behind the competition without even realizing it.
An Instant Performance Feedback Loop Teams
This is where benchmarking solutions come into their own.
They harness the power of vast amounts of data – sometimes millions of data points – to distill down into key metrics that are not only easy to digest but incredibly significant. These solutions provide a real-time, comprehensive view of where you stand in your industry, enabling you to track your success more accurately and make well informed decisions backed by data.
In essence, benchmarking solutions don't just tell you how well you're doing; they show you where you need to go.
Why an Accurate Baseline for Goal Setting is Important
We can easily illustrate this concept by taking the familiar example of using a smartwatch or phone to monitor your health. Imagine diligently counting your steps every day, reaching a consistent target of 5,000 steps. It feels like a significant achievement, and rightly so! However, what if you discover, based on extensive historical data, that the actual benchmark for optimal health benefits is 10,000 steps a day? Suddenly, your impressive achievement of 5,000 steps seems less substantial, not because your effort was lacking, but because your target was based on incomplete information.
This scenario is a classic example of how benchmarking can dramatically shift our perspective and goals. Had you known from the outset that 10,000 steps is the standard to aim for, your daily goal would have been different. This is the essence of benchmarking: it provides accurate and reliable information derived from a broader collective experience of other users.
It's not just about setting arbitrary personal goals; it's about aligning those goals with established standards that are proven to yield results.
How to Become a Leader vs Today’s Performance Standards
In the context of aquaculture, or any industry for that matter, benchmarking plays a similar role. It levels the playing field by ensuring that everyone is aiming for the same high standards. Without benchmarking, you might be working hard and making progress, but you could still be falling short of the industry's best practices or the most effective strategies.
Benchmarking doesn't just show you where you are; it shows you where you need to be, setting you up for future success by providing a clear and objective target to strive for.
Best Route Now Available Due to Additional Data Intelligence
Imagine if Google Maps existed for decision-making in aquaculture. You know where you are, where you want to go, now all you need is for data to simply tell you the best route to get there.
That’s benchmarking! It empowers your team with the best path forward. All you need to do is now select the route and embark on the journey.
How Benchmarking Works in Aquaculture: Integrating Manolin's Solution
This is the essence what benchmarking with data intelligence solutions like Manolin does.
Manolin accelerates the value that companies already possess, uncovering the hidden answers that are the most challenging to find and interpret.
Benchmarking is a remarkably straightforward yet powerful tool that is tailored to a company's unique operations and experience in the market. No two companies operate identically, which means the metrics that work for one may not be suitable for another. This diversity necessitates a customized approach to tracking and analyzing performance metrics, a task that can be overwhelming when attempted internally.
AI is Your (Shortcut, Lifeline, Decoder, New Best Friend) for Interpreting Data
The challenge in aquaculture is not just in the collection of data but in its management, maintenance, and interpretation. Determining trends and comparing them with others in the industry requires sifting through vast amounts of information, a feat nearly impossible to accomplish without the right tools. This is where the integration of AI and Big Data becomes invaluable.
These technologies transform the daunting task of data aggregation into a more manageable process, providing instant insights that would have otherwise taken hours, days, or even years to compile.
The real power of AI in this context is its ability to make industry positioning second nature to teams. Instead of expending mental energy on finding metrics, teams can focus on digesting the data and strategically planning for improvement. This continual performance feedback loop is what propels companies to new heights.
It's not just about having definitive proof of metrics to benchmark against; it's about having a clear and defined way to develop goals, understand their strategic importance, and then trace back success to these benchmarks.
Provide Your Teams With Clear Guidance This Year (Backed by Industry Data)
Benchmarking offers a simple, visual way for teams to fast-track their decision-making, knowledge, and education of their company's position against key industry metrics. It provides clear guidance on what strategies are effective and, just as importantly, which ones are not. By harnessing the power of benchmarking, aquaculture companies have a lighthouse to steer them towards success with greater confidence and clarity with every data-driven decision they make.
Manolin's data intelligence platform helps Farms and Suppliers implement benchmarking in new ways.
Reach out now to find out how you can easily get started.
