Imagine you have better information to beat the competition? Intelligence that makes you smarter, faster, more confident. 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 fact, not assumptions. Companies that incorporate data as an asset are winning in their market. Read how Pandriks, an artisan bakery, uses the Performance Monitor to benchmark their performance against peers to improve their performance.
In this data-driven era, the ability to leverage data is key to improve your strategic decision-making. However, some companies struggle with access to the right and up-to-date data. Other companies are hesitant to rely on data simply because it is a relatively new source of information. Benchmarking is an essential tool for your business because it helps leverage the available data and improve your company's performance. Discover how benchmarking can support your strategic decision-making.
The importance of peer benchmarking for Pandriks
As Managing Director, Andreas Swoboda is responsible for Bio Breadness, a 100% subsidiary of Pandriks, based in Germany. A-INSIGHTS interviewed him about his company and the importance of peer benchmarking with the Performance Monitor.
“With the Performance Monitor, we can better anticipate competitor moves in our strategy and the insights give us more power and confidence in conversations with our customers.”
The main reason for Pandriks to start working with the Performance Monitor was access to up-to-date and reliable data. Swoboda: “In Germany, the quality of market data is quite good. The key though, is to look at the financial statements in the right way. That is where A-INSIGHTS comes in. A trained eye and reliable, clear and up-to-date information.”
A typical problem in Germany is that companies open their books rather late, so you can only find old figures. Swoboda: “In the beginning I was a little critical about that. But for the last two years A-INSIGHTS surprises me every time with how quickly they get current figures out of our company. And from our peers.”
How to use the Performance Monitor to prepare for price discussions
There are several key moments when Pandriks uses the Performance Monitor. At the end of the year, Swoboda uses the insights from the tool to discuss their performance with the staff. The other moment is when Swoboda uses the performance monitor to plan the next steps for their business and decide which segment to focus on: “We are a fast-growing company. For us, it’s important to look at the figures and see in which direction our competitors are moving. Based on that information, we plan to start new investments.”
Furthermore, Swoboda wants to be prepared for price discussions: “When I prepare for conversations with retailers, I want to know about my competitors. Not just by being in stores, I need to understand what is going on to be a good retail supplier. That’s when I look deep into numbers.”
The Performance Monitor provides Pandriks with an outside-in perspective
The Performance Monitor provides an outside-in perspective of your business by comparing your performance with similar companies. This allows you to see in which areas you are doing well and where you need to focus on improvement. At Pandriks, Swoboda uses the data to look at his own performance first before examining what steps the competition is taking. Swoboda: "Benchmarking with the Performance Monitor gives us a competitive advantage. It allows us to better anticipate competitor moves in our strategy, and the insights give us more power and confidence in conversations with our clients.
See all your competitors in one overview with the Performance Monitor
With the Performance Monitor you get access to reliable and up-to-date information about your peers in one overview:
- All key players in your industry are covered: up to 50, so you have everyone on your radar
- See who’s winning and who’s losing in your industry with pre-set benchmarks
- Access company profiles with all key insights in one place – always in perspective of yourself
Want to read more about the benefits of the Performance Monitor and how Pandriks is using the tool to gain a competitive advantage? Download the case study via the button below and learn more about the advantages of peer benchmarking.