Posted in Operations and Supply Chain Terms, Total Reads: 207
Definition: Best in Class
Best in class refers to the Key Performance Indicators (KPIs) that make an entity distinctively superior in comparison with its counterparts. It is a term that is excessively used in operation performance management where an analysis of a product is done and compared with that of its competitors or substitute product.
Best in Class can either refer to the product or a company that manufactures that product.
Manufacturing excellence is imperative for almost all the sectors today. In this era of internationalization, all the firms vie to be world class and for that they need to strive to make their operating models of high pedigree. We have examples of Toyota, which have mastered the art of lean manufacturing and have created a niche in the industry. This helps them in benchmarking which in turn accentuated the brand of a company.