LONDON--(BUSINESS WIRE)--Infiniti Research, a leading market intelligence solutions provider, has recently announced the completion of its latest competitive benchmarking study for a U.S. shipbuilding company. Through this engagement, the client was able to successfully enhance their overall productivity by 31% within seven months and identify effective cost-reduction strategies.
The U.S. shipbuilding industry is known to be one of the finest producers of both military and commercial fleet. But the rising costs continue to erode the budgets and overall profitability of shipbuilding companies in the US. According to experts at Infiniti Research, some of the key causes of the rising costs include material and schedule delays, starting production with immature designs, inexperienced labor force, and reduced productivity due to the introduction of a new series of a given combatant. Other roadblocks to growth faced by players in the U.S. shipbuilding industry involve factors such as unstable and declining build rate, lack of appropriate competitive benchmarking, and suboptimal acquisition strategies. While companies are taking measures to address these U.S. shipbuilding industry challenges, the inefficiencies in tackling costs continue to plague the industry’s overall growth.
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The business challenge: A U.S. shipbuilding company, engaged in building and repairing vessels of assorted sizes and utility, noted a decline in productivity when compared to other international shipyards, with outputs tailing by at least 40% in comparison. They approached experts at Infiniti Research to undertake a competitive benchmarking study in an effort to understand how key players in the shipbuilding industry performed and tackled such business challenges. Furthermore, to tackle the rising costs, the client also wanted to identify key cost-drivers and take corrective measures to curb the increasing costs.
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The solution offered: Experts at Infiniti Research undertook a comprehensive competitive benchmarking study with exhaustive secondary research from proprietary and open source information sources to develop insights and hypotheses specific to the U.S. shipbuilding industry. As a part of the engagement, in-depth market research was undertaken where our experts assessed ten leading international shipyards and the seven major U.S. shipyards to understand their key product lines and compare the shipbuilding practices in the international markets with that of the client. An Industry best practices assessment also identified key strategies and best practices followed by international shipbuilding companies to reduce costs and enhance productivity. Furthermore, with Infiniti’s market opportunity analysis, the U.S. shipbuilding company was able to analyze various growth opportunities in the market.
Infiniti’s competitive benchmarking helped the client to:
- Enhance productivity by 31%
- Analyze how they compared to top-performing shipbuilding companies and replicate their cost-cutting strategies into the business
- Identify the right suppliers to procure good quality materials at reasonable prices
- Improve their operating margins by 10% in each quarter
- Identify unmet market needs and key growth segments
- Wondering how your business can benefit from our competitive benchmarking engagement? Request more information from our experts.
About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit: https://www.infinitiresearch.com/about-us