"You can't manage what you don't measure" is an old adage that holds true for any business. Thus, you should measure and analyze all aspects of your business in order to manage it competitively.
Benefits of measuring and analyzing your operations:
It can help you reduce hidden inefficiencies and unnecessary expenses.
It can help you identify problems before they get serious. This allows you to avoid operational disruptions.
It can give you complete visibility of operational activities. This allows you to control business processes.
Always measure your operational processes and analyze them. Don't assume things are good because you don't see a problem. Operational problems usually start small and then compound into bigger problems.