Benchmarking. It’s a word we often hear thrown around at conferences and at board meetings. Yet despite its seeming ubiquity, understanding around the subject is still fairly limited.
All too often, the scope of benchmarking is based only on cost, rather than encompassing factors such as quality and delivery. This means that many businesses who could actually benefit from benchmarking, end up erroneously concluding that benchmarking is not for ‘the likes of them.’
The service sector, in particular, should not underestimate the value of benchmarking and should begin adopting the newer methods that are available. Here, we outline some of the benchmarking options and highlight how best to utilise the data collected.
This allows you to determine how you’re performing, in comparison to your competitors and the market leaders.
‘Near Real Time Benchmarking’ (NRTB)
NRTB forms part of a new delivery model evolving into the FM and CRE arena. Using independent delivery models and IoT information, the FM provider can begin benchmarking at the point of service delivery.
This new model allows the delivery to become instantaneously more efficient, as the benchmarking is ongoing, not merely forming part of a performance review.
By adopting the NRTB process, there is full visibility of services, unique to each customer and contract, through this impartial form of reporting.
Utilise Big Data
Big Data has the ability to transform benchmarking to greater accuracy than ever before. The potential depth of data can be overwhelming to some, but its benefits clearly outweigh any reservations.
The ability to offer clients such an intense array of data can set a service provider contract apart from the rest. Be wary though as the growing breadth of data at our fingertips is at risk of being overwhelming.
Remember not to get too caught up in the numbers and respect the importance of qualitative knowledge too!
The future of benchmarking
What if benchmarking moved towards an (almost) live solution, as opposed to the current retrospective model? If we can look at what is going on, as opposed to what has already taken place, we are better situated to inform clients and become even more competitive as service providers.
Through innovative and emerging FM delivery models and the use of Big Data, a new form of benchmarking could indeed emerge into the market.
By harnessing the power of BI, Big Data and IoT, we are really only at the infancy of what is finally the true revolution of the FM industry.