The Leader - September 2007 - (Page 32) real e stat e maNaGemeNt Improving Performance through Intellectual Capital: Collaborative Benchmarking by susaN m. WoJcIechoWskI, JeNNIfer dresback, aNd dorrIe dIllaloGue beNchmarkING Is oNe of the most poWerful tools for INItIatING aNd supportING coNtINuous ImprovemeNt. beNchmarkING also IdeNtIfIes uNderlyING Issues aNd opportuNItIes to provIde a vehIcle for developING effectIve solutIoNs. proper INformatIoN alloWs maNaGemeNt to focus atteNtIoN oN tarGeted metrIcs aNd key performaNce INdIcators that lead to the ImprovemeNt of portfolIo performaNce throuGh laser focus that comes from both comparatIve INformatIoN aNd traNspareNcy. hen proactively adapted to a real estate portfolio, benchmarking can serve as a catalyst for change, delivering significant value to the entire organization, such as: n Improved strategic planning and goal setting n Advanced work processes n Reduced cost of operations n Improved ability to compare and evaluate market performance n Increased communication within the business enterprise W n n Enhanced education and idea enrichment Improved transparency to best practices n puttING beNchmarkING INto practIce How can benchmarking be used? Here are a few ways to put the numbers to work: n Industry-peer comparisons. The best benchmarking data comes from comparisons between similar companies that value similar metrics and performance drivers. Rarely will a company have access to this type of data on their own and seldom with the n assurance of accurate data. Portfolio performance monitoring. Systematically measuring key metrics on an annual basis allows companies to gage portfolio performance over time and monitor any improvements or deterioration to the portfolio in a timely manner. Segregating these shifts can offer insight to an organization in larger activities that may be affecting the portfolio. Improved strategic planning and goal setting. Benchmarking provides clear identification of improvement opportunities and directional guidance and th e le ade r 32 september / october 2007
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