NPR - FARM CHANGE THROUGH BENCHMARKING

C. Lewis, K. Verhoek and I. Williams

No 345931, 22nd Congress, Tasmania, Australia, March 3-8, 2019 from International Farm Management Association

Abstract: Benchmarking is the practice of establishing the relative performance of a business against an appropriate standard, which can be self-set targets or peer performance. It identifies the excessive costs and inefficiencies of a business, increasing its competitiveness and ability to outperform others. Dairy System Monitoring (DSM) has been operating for twenty years as a consultancy service that benchmarks over 150 New Zealand and Tasmanian dairy farmers. Its aim is to work alongside farmers, collecting and sharing interpretation of their farm data in a manner that motivates and more actively engages them with their business. DSM participants perform ahead of the New Zealand national average for operating profit as the DSM service enables individuals to verify current performance and make good decisions. It is also a useful analysis tool for consultants. It is used to develop guidelines for managing home-grown forage; continuously update and respond to farm performance information; and critically examine expenditure in-line with physical performance. In conclusion, the DSM service can confirm mainstream science, but it also progresses to the next stage with analysis on profit drivers that create clarity around the strengths and weaknesses of individual businesses, directing performance beyond industry averages.

Keywords: Farm Management; Agribusiness (search for similar items in EconPapers)
Pages: 13
Date: 2019
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Persistent link: https://EconPapers.repec.org/RePEc:ags:ifma19:345931

DOI: 10.22004/ag.econ.345931

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