The Advantages of Inter Firm Comparison
The important advantages of Inter Firm Comparison from the scheme can be listed as follows -
1. Improvement in efficiency
Fixation of performance standards creates meaningful comparison. It assists to reveal the internal inefficiencies and assists to convert them into efficiency.
2. Increased productivity
Inter firm comparison forces to accept new production techniques, technical know-how. Result of this is the productivity of the individual firm and the industry also rises.
3. Reliable information
Inter firm comparison is relies on the uniform costing. That is why it is reliable information for decision making process.
4. R & D
Inter firm comparison make easy research and development. Individual firms and the group of them undertake dissimilar R & D projects to raise the competitiveness. Therefore it more R & D is possible.
5. Assistance to Government
Inter firm comparison assists Government to make out true fact of industry in general and particularly to a firm also. The Government can design just and fair industrial policies, tax policies along with help of the data presented from the Inter firm comparison.
6. Other benefits
1. Inter-firm comparison eliminates disparities and carries stability in the cost structure and presentation of information.
2. Cost consciousness is formed among the participating firms and they are cautious at every level.
3. Inter-firm comparison assists management to control the costs; efforts are made to decrease them if they go beyond in the firm in comparison to the other firms.
4. Productivity is enhanced while the spheres of weaknesses or uneconomies are located.
5. Efficient reporting system is ready and information is presented in standardised forms.
6. Firms try to prevent unfair competition. Harmonisation and synchronisation of activities occur.
7. The concern has to keep up-to-date information regarding to the results for giving it to the association and so the recording system is enhanced.
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