Teresa Meek writes for Dell’s Tech Page One about examples of firms sharing their customer data with other customers for the sake of benchmarking. It turns out everybody wins when visibility is built into an industry.
Same Data, New Twist
BlackLine Systems uses metrics to track who is using what parts of their software and how often it happens. CEO Therese Tucker eventually realized these metrics could be of use to their customers, 850+ client companies, as well. They released complimentary data so that clients could benchmark themselves and see how their performance compared with the competition. This can be considered a new spin on the use of big data.
Another instance of this sort of action is with the company Point B, who accumulates examples of project success amidst various companies according to specific key factors. Point B shares these success examples with struggling companies so that they may see how their own processes may be improved. Companies just proceed with much greater confidence when they are aware of the competition’s behavior.
Meek further discusses the value of compiled data:
Customer data can sometimes be more useful if it’s segmented into categories. For example, a common area of concern in accounting is account reconciliations. The average company does about 39 reconciliations a month, but what does average mean when some companies are much larger than others and procedures are different in other industries? BlackLine plans to categorize the data in ways that it hopes customers will find useful.
The article concludes by pointing out that you can only identify when and why deviations from the norm are occurring when you already know what the norm is. For that, you use benchmarking data. You can read Meek’s full article here: http://techpageone.dell.com/business/performance-metrics-a-new-twist-on-big-data/