About the blog author - As a certified Project Manager, Linda brings a wealth of project management experience as well as a keen business sense to Dynamic Benchmarking. As the newest member of our team, we asked her to share her thoughts on how companies can make the most out of their benchmarking efforts.
Year end reporting usually means another stack of financial and operational reports hitting your inbox. While the initial influx may elicit a groan of dread, take a moment to consider the treasure trove of valuable information buried within those mountains of statistics and percentages. Answers to questions that have been nagging you all year long can be found buried within those numbers but you need a key to unlock that business intelligence.
The opening session at this year’s ASAE Annual Meeting really pumped up the Dynamic Benchmarking team. Delivered by Josh Linkner, a four-time successful entrepreneur and start-up investor, his presentation, Harnessing Innovation: Turning Raw Ideas into Powerful Results, chronicled the driving forces and philosophies that are part of the culture of our company. What Linkner taught us is that the best-of-the-best, those who can successfully develop a great idea into a successful, profitable business, have a systematic process that helps them focus their team’s creativity and drive into practical outputs. Linkner distills this process into 5 key components, and we were thrilled to see how closely these aligned with own business philosophies as well as how benchmarking feeds and supports these ideals.
Get Curious. Linkner believes that curiosity is the driving force behind creativity, a common trait in innovative leaders. Benchmarking as a practice is, likewise, driven by curiosity and allows for a safe and secure way to peek into the operations of our peers. Organizations use it to answer questions, identify trends, and measure progress. As tools go, benchmarking is the curious cat.
Always Look for What’s Next. It’s the forward-looking individual that’s almost always the force behind the latest innovation in a field. Those that are constantly asking ‘what if?’ are most likely to become the leaders of tomorrow, and companies that incorporate this philosophy into their mission greatly improve their likelihood of a long and successful future. Many organizations use benchmarking to identify trends in their industries or individual operations on which they can capitalize for future growth and/or innovation. Identifying a need in the marketplace opens the door for development of new services and products as well as the continued evolution of an organization to ensure it does not stagnate.
Defy Tradition. Doing the unexpected, or approaching obstacles from a non-traditional stance, can open up pathways to new solutions. Sometimes, digging deeper into your market or audience can bring to light a previously unseen solution. Many associations use benchmarking studies to keep their finger on the pulse of their membership to identify new topics for educational sessions or new services that might increase member satisfaction or enrollment.
Get Scrappy. Linker’s favorite obsession, it’s what many may know better as the ‘start-up mentality.’ Look at your market with fresh eyes, passion and don’t be afraid to take some risks, albeit, they can be well-informed risks when benchmarking is on your side. Organizations who utilize benchmarking don’t assume that they have all the answers nor do they embrace the status quo. Associations and companies who use benchmarking seek the latest information on their industry and use the knowledge they gain to continually improve. Benchmarking can be a very powerful catalyst for change.
Push the Boundaries. In a start-up where resources are limited, but passions are high, a common mantra is ‘go big, or go home.’ In Linkner’s words, he calls this the 10x Litmus Test. “If you will gain a 10x savings in cost, sales or process, it is worth doing. If the gain is just 2x, it is not worth doing,” he says. Benchmarking can be used to support the undertaking of such efforts, especially in organizations that may be somewhat risk adverse. Benchmarking can be used to show the likelihood of such a gain using real world data.
As a team, we left Linkner’s presentation feeling inspired and energized. After ASAE Annual 2015, our sales and marketing team is filled with new perspectives on how benchmarking can further be utilized to drive the success of our clients. Our technology team is ready as ever to find new ways to improve our platform and our management team is on the search for the next opportunity for innovation for both Dynamic Benchmarking and our customers. We welcome you to join us and learn how benchmarking can help your organization innovate as well.
Benchmarking reports can be the lifeblood of an association as well as its member organizations. The right report can create a huge impact on an organization’s expenditures, revenues, strategic direction or even the morale of the employees. But not every report will have this kind of success. Where one report can incite discussion and change, another can confuse.
Clients come to Dynamic Benchmarking from a vast array of industries with goals that are just as varied. Likewise, each one’s experience with benchmarking runs the gamut from “highly experienced” to true “newbies”. Regardless of their industry or backgrounds, the clients typically share one trait – they have concerns about their benchmarking study becoming a tedious and daunting task. At Dynamic Benchmarking, we recognize that there are unique nuances to each project that require a personal touch, from experienced, professional guides. We partner each client with a project manager (PM) to lead them through the benchmarking process from beginning to end. Our PMs ensure that each project goes smoothly, offering support and expertise along the way and helping our clients create a much better study than if they were to go it alone.
The Annual ASAE Annual Meeting and Exposition was another whirlwind affair for the Dynamic Benchmarking team -- full of seminars, presentations, networking and social events. Our feet were tired and our arms were heavy, but we left with our minds racing with fresh ideas fueled by this great event to which we return each year.
This year’s keynote speaker, Adam Grant, touched upon a subject vital to benchmarking, human interaction. In his bestselling book, Give and Take, he asserts that people can be classified into three, distinct styles: Takers, Matchers and Givers. Very simply, takers strive to get as much as possible from others; matchers aim to trade evenly; and givers are those rare individuals who contribute without expecting anything in return. Not only is this information valuable when building and managing teams in the workplace, it can be of great assistance in helping you create and promote an effective benchmarking study.
Change can be hard. A new job. A new home. No matter how exciting or good something is, there’s always an underlying current of trepidation or anxiety that comes with making a change. The same can be said for changing the way we work or the processes we have in place. No matter the benefits that are sure to be had, let’s face it, change can be difficult.
