Benchmarking is a quality management practice that enhances organizational self-assessment and its overall performance. The best practices in the industry are usually used as a model by the organizations for staying competitive in the market, while having a focus on improving their own performance. Benchmarking practices significantly contributes to the quality information availability in the petroleum industry. This study proposes a benchmarking model to be used as a yard stick for effective inventory management, with an emphasis on maintenance, repair, and operations (MRO) materials management and test and inspection (T&I) or turnaround practices. The benchmarking parameters from the best in the Industry are analyzed and presented for enhancing the performance of an organization, and achieving organization excellence with increasing inclinations towards quality control and management.

Keywords: Inventory management, Benchmarking, Petroleum industry