Professional Retail Store - November/December 2014 - (Page 28)

BENCHMARKS & Bottom Lines Bridging the Data Gap How PRSM benchmarking data adds value to the retail FM industry DENIANNE GARDNER W hen it comes to a consistent method of collecting data points over time, the FM industry lacks a centralized bank of raw performance-related information. With every major retailer utilizing computerized maintenance management software (CMMS) or other work order management systems, each day our individual companies are adding millions of input bits into data banks we individually own. At the PRSM Mid-Year Conference in September, gathering and utilizing data was a clear focus of the association. While there is great promise of uncovering strategic informational advantages and "aha" moments amidst the stacks of data, there is equal amount of mystery related to exactly how to go about it. to expand benchmarking data acquisition practices, retailers and vendors alike can layer PRSM Benchmarking data over their own during the evaluation process to gain perspective. A YARDSTICK FOR INTERNAL KPIs Layering industry benchmarking data with an organization's internal KPIs or benchmarks provides both retailers and vendors with awareness of their potential shortcomings and strengths compared to others playing in the same procurement space. Ashley Hudler, Planned ASHLEY HUDLER Each retailer and vendor in our retail FM ecosystem closely guards their data, often in unique and proprietary systems. On occasions when we try to compare notes, such as in a vendor scorecard scenario, we often reach an impasse about whose data is correct - the retailer's or the vendor's. For this reason, PRSM can add significant value, bridging this gap through the efforts of the Benchmarking Committee by providing benchmarking tools, reporting and data to PRSM Members. With seven significant studies published in the last two years, and plans Maintenance Manager at Lowe's and Co-Chair of the PRSM Benchmarking Committee, says, "Timely, static benchmarks should be used as a point of reference in conversations between vendors and retailers to not only find a common ground, but a mutually beneficial partnership. As a retailer, having insight into vendors' perspectives on maintaining efficiencies, improving services and reducing costs is paramount. Providing clear, achievable administrative and performance minimum expectations along with 'best in class' goals should allow vendors to shine and encourage them to bring their best practices to the table." This process also helps identify outliers beyond the historically normal performance range. Regardless of the statistical sample of data examined, data points should graphically illustrate a pattern on a scatter diagram that can highlight outliers. Shining a spotlight on the outliers should pull vendors and retailers together to " Timely, static benchmarks should be used as a point of reference in conversations between vendors and retailers to not only find a common ground, but a mutually beneficial partnership. - Ashley Hudler " 28 I PROFESSIONAL RETAIL STORE MAINTENANCE I www.prsm.com http://www.prsm.com

Table of Contents for the Digital Edition of Professional Retail Store - November/December 2014

President’s Message
Executive Director’s Column
New PRSM Members
Staples Canada’s Recycling Initiatives Supported by FM Team
Future of PRSM Benchmarking
Real Data for Retailers
Bridging the Data Gap
Benchmarking Parking Lot Conditions
Mid-Year Conference Connects the Dots Between Data, Technology and Information
Survey Says: Nice Floors = Open Doors
Efficient Irrigation Systems Save Water and Money
An Investment in IT
Inside PRSM
Member News

Professional Retail Store - November/December 2014

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