The concept of business intelligence indicates that it is not just information, but usable information that businesses seek. So what is the difference between survey data and benchmarking? Surveys are taken, but what do you do with the data to make it measurable? And how much effort goes into that process? And how relevant is the information by the time the report is delivered?
Benchmarking inherently indicates that you are using metrics to measure either against past performance, or against peers. This practice is far more useful, actionable and intelligent than the practice of surveying. Performing these tasks online gives an added benefit – real time actionable intelligence at the speed of business.
How is benchmarking more intelligent than surveying?
1. Affordable: Surveys can be costly and time consuming yielding limited results.
Online benchmarking is a better, more relevant and more cost effective way to get the business intelligence you need. Employ the power of the crowd with the ease and convenience of online benchmarking.
2. Relevant: Surveys can only compare data from the intervals at which the surveys are done – annual surveys, annual intervals.
Online benchmarking allows for user selected intervals – yearly, monthly, etc. The data can be filtered and manipulated easily by the user creating business intelligence which is highly relevant.
3. Flexible: Survey data is collected and presented with the assumption that the report writer knows best what information will be relevant to all recipients.
That writer bases the report on these assumptions and results relevant to your business can be lost in the edit.
Online benchmarking puts you, the manager at the helm. Utilizing the online tool, the individual user can select the peers and metrics which most impact the decisions facing that individual business. No external writer can know your business as well as you do. Online benchmarking puts you in control of the information and results you seek.
4. Timely: Survey data is collected, analyzed and presented over a period of time. By the time these processes have been completed, the information gathered becomes dated.
Online benchmarking leverages cloud computing, ongoing data collection and the interactive nature of the Internet to provide decision makers with real-time business intelligence.
5. Profitable: Surveys and analyzing their results generally costs organizations money.
Providing online benchmarking as a benefit gives an association or franchise organization the possibility of turning what is traditionally a cost into a possible revenue stream. The intelligence is that powerful – your members will be willing to pay to partake.
To learn more about what online benchmarking can do for your business, contact us today or follow our updates on LinkedIn, Google+ or YouTube.