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How can you use BI to benchmark and compare your KPIs with industry standards and competitors?

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Business intelligence (BI) is the process of collecting, analyzing, and presenting data to help you make better decisions for your business. One of the ways you can use BI is to benchmark and compare your key performance indicators (KPIs) with industry standards and competitors. KPIs are measurable values that show how well you are achieving your business goals and objectives. By benchmarking and comparing your KPIs, you can identify your strengths and weaknesses, set realistic targets, and improve your performance. In this article, we will show you how you can use BI to benchmark and compare your KPIs with industry standards and competitors in six steps.

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1 Choose relevant KPIs

The first step is to choose the KPIs that are relevant to your business and your industry. You should select KPIs that align with your strategic goals, reflect your customer needs, and provide actionable insights. For example, if you are an e-commerce business, some of the KPIs you might want to track are revenue, conversion rate, customer retention, and average order value. You should also consider the frequency and granularity of your KPIs, depending on how often and how detailed you want to measure your performance.

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Ryan Dolley

Ex-Black Mold Remediator | Ex-Canoe Livery Van Driver | Ex-Swimming Pool Lining Vinyl Welder | Data dude | father of 3 | chicken farmer | dungeon master
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There are often industry membership organizations that have conferences or publish research related to that specific industry and its best practices. This is where I look to figure out what the most relevant KPIs are for any given client. You will have to do some digging for sure, but the rewards are great. You'll often uncover relevant KPIs as well as get some idea of what the success indicators are for your metrics.

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André M. K?nig

CEO @ Global Quantum Intelligence | Quantum tech market & business intelligence | quantumcomputing.substack.com
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First, I identify the KPIs that are most important to my clients. These KPIs can vary depending on the industry and the company's specific goals, but some common KPIs include revenue, profit, customer satisfaction, and employee engagement. Once I have identified the KPIs, I collect data on those KPIs from my clients and from industry sources. I then use BI tools to analyze the data and compare my clients' performance to the industry average. This benchmarking process helps me to identify my clients' strengths and weaknesses. It also helps me to set realistic targets for my clients and to track their progress over time.

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2 Find reliable sources of data

The second step is to find reliable sources of data that can help you benchmark and compare your KPIs. You can use internal data from your own systems and tools, such as CRM, ERP, or analytics platforms. You can also use external data from third-party sources, such as industry reports, surveys, benchmarks, or databases. You should ensure that the data you use is accurate, consistent, and relevant to your KPIs and your industry. You should also verify the credibility and timeliness of the data sources, and avoid using outdated or biased data.

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3 Analyze and visualize your data

The third step is to analyze and visualize your data using BI tools and techniques. You can use various methods of data analysis, such as descriptive, diagnostic, predictive, or prescriptive analytics, to understand your current situation, identify patterns and trends, forecast future outcomes, or recommend actions. You can also use various types of data visualization, such as charts, graphs, dashboards, or reports, to present your data in a clear and engaging way. You should choose the appropriate methods and types of analysis and visualization that suit your KPIs and your audience.

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Ryan Dolley

Ex-Black Mold Remediator | Ex-Canoe Livery Van Driver | Ex-Swimming Pool Lining Vinyl Welder | Data dude | father of 3 | chicken farmer | dungeon master
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When it comes to visualizing your KPIs you'll want to combine a number of visualization techniques to have the biggest impact: - Dashboards are great for answering known, operational questions where you understand the best actions that flow from the data and want a simple place to track progress. - Narratives / notebooks are best for combining visualizations with deep text explanations. These are particularly powerful for executives who see a dashboard and immediately ask 'why' and 'so what?' - If you need a quick answer and a dashboard or well prepared narrative takes too much time, simply build and annotate a chart that shares the data, your conclusion and some brief notes about how you reached that conclusion.

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4 Compare your KPIs with industry standards and competitors

The fourth step is to compare your KPIs with industry standards and competitors using BI insights. You can use various techniques of comparison, such as benchmarking, gap analysis, or SWOT analysis, to evaluate your performance against the industry average or best practices, or against your direct or indirect competitors. You should use relevant and realistic criteria and metrics for comparison, and avoid using unfair or misleading comparisons. You should also highlight your competitive advantages and disadvantages, and identify the factors that influence your performance.

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Lisa Dupras

Corp IT?Tech Career Coach??LinkedIn Job Search Expert??Tech Resume Writer??I help tech professionals showcase their business impact and exceed career goals??Let’s crack your career code together!??I ?? WIT!
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HR is an example of an industry with very standardized kpi's such as attrition rate, turnover, time to hire. Check your industry for standardized kpi's. Then gather up all the data fields needed to calculate. Standardize, scrub, and clean the process for gathering your data. Work with data folks to store you data with time parameters and store in a data warehouse or lake. Utilize a data steward to maintain the process.

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Shuhan Z.
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It's also important *not* to get too hung up on the numeric values of the KPI. You'd be surprised how many different ways a "standardized" industry KPI can be calculated differently and the gap between your organization's and your competitor's KPIs is a result of the different calculation methodology instead of a reflection of actual performance variances. Take appointment show rates for example. Is your competitor counting an appointment that's cancelled last minute as a no-show? What about rescheduling?

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5 Identify opportunities and challenges

The fifth step is to identify opportunities and challenges for your business based on your BI insights. You can use various techniques of identification, such as root cause analysis, opportunity analysis, or risk analysis, to determine the underlying causes and effects of your performance gaps, the potential benefits and costs of improving your performance, or the possible threats and uncertainties that affect your performance. You should prioritize the most important and urgent opportunities and challenges for your business, and quantify their impact and likelihood.

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Mike Frye

Partner @ SimplyPut Consulting | PPM, Transformations, Analytics
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When actions are identified, rationalizing the investment of resources time and effort should also be taken into consideration. Leaders must identify the economic opportunity that lies within actions and make investment decisions based on both cost and impact to the organization.

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6 Take action and monitor results

The sixth and final step is to take action and monitor results based on your BI insights. You can use various techniques of action and monitoring, such as SMART goals, action plans, or feedback loops, to set specific, measurable, achievable, relevant, and time-bound goals for improving your performance, to outline the steps and resources needed to achieve your goals, or to track and measure your progress and outcomes. You should also review and update your BI insights regularly, and adjust your actions and goals accordingly.

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Dimpee Kalita

Leading Travel (Car Rental, Holiday Parks, Ferry, Campervan) Revenue Growth in Europe with AI Pricing | Vice President | RevAI @Rategain
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This is a great article and one would think that most businesses use BI tools to monitor their KPI bit having worked with many clients I am often surprised by the KPI used or lack of it. Data is a major challenge and businesses need to focus on acquisition of data from verified sources and spend time building KPI to manage their business performance.

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How can you use BI to benchmark and compare your KPIs with industry standards and competitors?

1

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3

4

5

6

1 Choose relevant KPIs

2 Find reliable sources of data

3 Analyze and visualize your data

4 Compare your KPIs with industry standards and competitors

5 Identify opportunities and challenges

6 Take action and monitor results

Business Intelligence

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How can you use BI to benchmark and compare your KPIs with industry standards and competitors?

1

2

3

4

5

6

1 Choose relevant KPIs

2 Find reliable sources of data

3 Analyze and visualize your data

4 Compare your KPIs with industry standards and competitors

5 Identify opportunities and challenges

6 Take action and monitor results

Business Intelligence

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