What is Competitor Analysis and How it helps company in SCM?

Competitor analysis involves evaluating the strengths and weaknesses of current and potential competitors within a market. In supply chain management (SCM), it helps companies identify best practices, benchmark performance, and uncover opportunities for improvement. By understanding competitor strategies, firms can optimize their own supply chain processes, enhance efficiency, and better meet customer demands, ultimately gaining a competitive edge. This analysis also informs risk management and strategic decision-making, enabling companies to adapt to market changes effectively.