Spring has finally sprung in New England, and the DB team is ushering it in by welcoming new clients and launching benchmarking platforms. Read on to find out what's going on behind the scenes in the world of association benchmarking.
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Windham, NH, January 29, 2014 - Dynamic Benchmarking, a provider of customized online benchmarking and reporting solutions, is pleased to announce the launch of a new, interactive financial survey and reporting platform for the Southern Association of College and University Business Officers (SACUBO). The new tool brings significant improvements in the efficiency and accuracy of data collection, analysis and reporting to the organization’s annual financial benchmarking study.
The Southern Association of College and University Business Officers fosters, develops and promotes improved principles and efficient practices in the business and financial management of colleges and universities in the southern region of the United States. In support of this mission, the association started an annual benchmarking study to help members auge their financial performance against their peers.
“Our members share many of the same challenges in their operations,” states Brett Powell, SACUBO Benchmarking Committee Chair. “A study that collects and compares the financial data of like institutions benefits all members.”
Unfortunately, collecting, analyzing and reporting such in-depth and copious data proved to be quite a daunting task during the first year of the study, even with the help of renowned CPA firm, Cherry Bekaert, with whom they contracted to manage the process.
“Members were emailed a link to a template that they’d complete and return to Cherry Bekaert who’d compile the data and create the final report,” continues Powell.
While the ultimate results were informative, the process was time consuming and the resulting, static report that each member received only compared their institution’s performance to the aggregated results of the study. Having seen what Dynamic Benchmarking had done for other clients, Cherry Bekaert recommended that SACUBO transition to an online solution. They made the switch in 2014 and have already seen a great improvement in the entire process.
“From the initial development of the platform through data collection, Dynamic Benchmarking has made all of our jobs easier,” says Powell.
SACUBO started data collection using the Dynamic Benchmarking platform in December 2014. Participation is well ahead of previous years with data collected and analyzed in real-time by the Dynamic Benchmarking system to produce numerous, customizable reports at the touch of a button.
“Now our members can make comparisons based on metrics of their own choosing,” adds Powell. “The ability to drill down to specifics such as expenditures by function, allocation of employees, institutional effectiveness and so much more makes this a very powerful tool for our members.”
Access to reports will be provided free of charge to all participating institutions. SACUBO will also present key findings at its annual meeting in April 2015.
ABOUT THE SOUTHERN ASSOCIATION OF COLLEGE AND UNIVERSITY BUSINESS OFFICERS
The Southern Association of College and University Business Officers (SACUBO) was founded in 1928 to inform higher education institutions in the southern region of the United States of issues that affect higher education. The purpose of the association is to foster, develop and promote improved principles and efficient practices in the business and financial management of colleges and universities. For more information, please visit http://www.sacubo.org.
ABOUT DYNAMIC BENCHMARKING
Dynamic Benchmarking is a New Hampshire-based startup that delivers real-time benchmarking and data analysis solutions with the features and capabilities of custom software in a format that is easy to use and quick to deploy. Founded by a team of women entrepreneurs, Dynamic Benchmarking combines powerful, web-based technology with unparalleled industry expertise and customer care to provide best-in-class, peer-to-peer data comparison for small business, associations, large enterprises and any organization looking to tap into the knowledge of the crowd. Dynamic Benchmarking builds web-based solutions that are flexible, scalable and allow for meaningful comparison of financial and operational performance in a dynamic and interactive manner. For more information, please visit http://www.dynamicbenchmarking.com.
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The last quarter of 2014 has started off with a bang here at Dynamic Benchmarking, with our team launching several new projects, onboarding new clients and participating in business activities with local colleges.Read on for more about what's happening here at Dynamic Benchmarking...