What are the benefits of benchmarking?
Benchmarks work for five core reasons: First, they clarify what society expects from industries and companies. Second, benchmarks identify where and how companies can contribute to sustainability. Third, they promote a race to the top. Fourth, they help track progress. Fifth, benchmarks are a proven and effective engagement tool. For further details visit the World Benchmarking Alliance, of which Textile Exchange is an ally, here.
The CFMB is more than a benchmark and performance ranking. Companies benefit from taking part in multiple ways. Benchmarking gives you:
- A roadmap to help your company build a robust fiber and materials strategy.
- A framework for reporting fiber uptake targets, consumption data and progress.
- A focal point for sector alignment with the Sustainable Development Goals.
- A digital scorecard for ease of communicating results to team members, the board, and external stakeholders.
- Performance tracking with peers and participation in a learning community.
- The opportunity to demonstrate leadership through public rankings.