Accelerate Competitive Benchmarking with SmartTeardown
🔑 Benchmarking is a critical activity that many companies conduct today. There can be significant innovation created through this process. However, it's not about copying ideas from your competitors.
🔎 By analyzing the performance of your competitors' products, you can identify areas where your own products fall short and make improvements. Many times, it can expose the market opportunities that may be unaddressed by your competitors. In addition, competitive benchmarking helps to ensure that your products are meeting customer needs and expectations. By analyzing your competitors' products and their customers' feedback, you can identify what features and capabilities are most important to customers and ensure that your products are meeting those needs.
💡One of the challenges with competitive benchmarking is having a way to store the data and make it easily accessible to others in a user-friendly format. Given this market need, our team developed the SmartTeardown benchmarking application, a SaaS-based solution leveraged by many of our customers to gain a competitive edge.
This article discusses the benefits of having a more formal way to centralize, leverage, and scale your benchmark data using SmartTeardown:
5 Critical SmartTeardown Capabilities:
- Product Comparisons: SmartTeardown makes it easy for companies to compare their products with those of their competitors and industry leaders in terms of performance, quality, features, and functions. This helps with evaluating a product's strengths and weaknesses and identifying areas for improvement. SmartTeardown allows you to compare up to ten products side by side at every level of a product structure. Users can see images at each level, including dimensional data, item weights, and costs.
- Data Normalization: SmartTeardown provides a generic product structure to be able to do side by side comparisons. Every product for a given category will have the same product structure. This simplifies comparisons and ensures you have an "apple to apples" comparison view. The data collected for each part is in the same format to simplify product comparisons.
- Data Interrogation: It's much easier to find exactly what you are looking for across different products when using system like SmartTeardown. Items can be found at different levels including Region, Product, Assembly and / or at a Part level. Users have the access to the entire database of benchmarking data and can-do custom queries to obtain the data most important to them.
- Roll-Up Reports: SmartTeardown provides the ability to configure views and roll up data at different levels of the product structure. Rollups can include product weight, part count, and images. The rollups can be viewed at every level of the product structure.
- Language Localization: Global companies like to share data across regions. Each region may have different local languages. SmartTeardown makes it easy to be able to view competitive data in your own local language, providing a true global system.
Overall, product benchmarking is important as it enables companies to gain a competitive edge, identify areas for improvement, foster innovation, enhance customer satisfaction, and make informed decisions to achieve business success.
If you need help scaling your product benchmarking activities, please contact us today!