Stand out in today’s competitive market – Discover what financial benchmarking can do for you
BIIA member Marlo R. Cruz, president and CEO of the first and only Filipino credit bureau, CIBI Information, Inc.TM (CIBI), recently spoke about the benefits of financial benchmarking. These benefits provide businesses with a competitive edge and insight into the market, including a snapshot of the industries and sub-industries they belong in.
“With financial benchmarking, you won’t just look at numbers,” Cruz said. “You will be able to put these numbers into proper context, enabling you to properly assess your business and its standing, interpret the data and its implications on the strategies you employ, and most importantly it gives you the needed knowledge to act decisively and in the best interest of your company.”
Aside from this, Cruz adds that financial benchmarking helps a company know how it is performing in comparison to the top players in their industry. It also assists a company in creating plans to drive improvement and formulate new strategies that will help position it better and make it more competitive. And on top of these, it allows a company to maximize the return for their shareholders.
Understanding the position of your company in comparison to its direct competitors, and its overall positioning within the industry it exists in is more vital now than ever. And this is where financial benchmarking plays a pivotal role.
Financial benchmarking is the process of comparing a firm’s financial performance with other businesses of the same size and of the same industry. It also provides companies a deeper and more incisive look at the data they have and gives them insight into what this data means. Aside from these, it is an embedded feature of financial markets and of every decision-making process.
Source: CIBI – to read the full story click on this link: Stand Out in Todays Competitive Market – Discover what financial benchmarking can do for you