From over 20,600 Key Performance Indicators in our database, every month we select the most popular KPI and provide you with useful information about its calculation formula, benchmarking data, as well as on the best practices to maximize performance results.
In the past few years, the global economy has been slowly throttling down. This phenomenon is not something new, as growth has not been rising as fast as it had in the last 50 years. The effects of such a down-throttle can lead to uncertainty, tensions and oftentimes serious conflicts.
The manufacturing industry is heading towards a crucial development stage, driven by modern trends. Production facilities have evolved from being dirty and unsafe workplaces, into modern and sophisticated plants with powerful technology and complex data systems. State-of-the-art manufacturing systems have rendered human intervention to mere button pressing at the beginning of the production cycle.
Manufacturing companies need to constantly determine which areas need improvement in order to remain competitive on the market. Hence, organizations often benchmark their performance against other organizations’ performance and determine performance gaps. Moreover, there are top performance companies that have not only improved their competitiveness due to benchmarking studies, but have also gained a top place and became a benchmark for the entire industry they belong to.
Alcoa is the world’s leading producer of primary and fabricated aluminum and also the largest miner of bauxite and refiner of alumina. In 125 years of activity, Alcoa has contributed to setting milestones in aerospace, automotive, construction, commercial transportation, consumer electronics, packaging and industrial markets. With more than 60.000 employees around the world, the company is in debt with setting quality standards for their activity, but also with caring for the safety and satisfaction of each and every employee.